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Shopping Regional

Trophy Stop & Shop Master Lease / Kohl’s

50 Independence Way, Danvers, MA 01923

Listing Price: Request For Offer

Gross SF
198,528
Rentable SF
198,528
Lot Size
20.95 acres
Year Built
2001

Investment Overview

The NNN Pro Group is pleased to present the exclusive listing for the two parcel Stop & Shop Master Lease and Kohl’s located 50 Independence Way, Danvers, MA within the Liberty Tree Mall. The Liberty Tree Mall first opened in 1972, however in 2001 the Kohl’s and Stop & Shop replaced the retail chain Ann & Hope. In 2008, Stop & Shop subleased their space to Nordstrom Rack, Off Broadway, and Pier 1 (which is currently being re-tenanted). It is estimated that the Kohl’s building consist of roughly 100,434 SF, the Nordstrom space is 42,495 SF, the Off-Broadway space is 23,893 SF, the former Pier 1 is 20,000 SF, the Firestone is 6,630 SF, and The Friendly Toast restaurant is 5,076 SF. In total, the two condos consist of 198,528 rentable square feet of building space and 20.095 acres of total land. The Kohl’s lease commenced in 2001 and expires on January 31, 2028. The tenant is subject to an absolute triple-net (NNN) lease with zero landlord responsibilities. Kohl’s is responsible for paying a rent of $1,507,500, which is 36% of the two parcel’s rent roll. In addition to the primary lease term, the tenant has ten, five-year renewal options. Also in 2001, Stop & Shop signed a 25-year absolute triple-net (NNN) master lease. The space is now occupied by Nordstrom Rack, Off Broadway, a vacant end cap that is being re-tenanted with a hot tub/pool retailer, and two outparcels, that are leased to Firestone and Friendly Toast Restaurant. Stop & Shop pays a rent of $2,653,522 and collects rent from the five subtenants. In addition to the primary term, Stop & Shop has twelve, five-year renewal options, which they are likely to exercise in order to prevent competing grocery chains from entering this space and protecting their other store in Danvers that is 3 miles away.

Investment Highlights

  • This is a Trophy Asset Located Within One of the Most Dominant Retail Corridors in New England
  • The Property Consists of Two Parcels Including a Stop & Shop Master Lease with a Koninklijke Ahold Guaranty as well as a Kohl's Corporate Guaranty
  • Strong Tenant Profile with Nordstrom Rack, Off Broadway, Firestone, The Friendly Toast, and Kohl's

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Regional Manager

    (617) 896-7220

    License(s) MA: 1000485

    Massachusetts

Shopping Regional

Trophy Stop & Shop Master Lease / Kohl’s

Listing Price: Request For Offer

Gross SF
198,528
Rentable SF
198,528
Lot Size
20.95 acres
Year Built
2001

Investment Highlights

  • This is a Trophy Asset Located Within One of the Most Dominant Retail Corridors in New England
  • The Property Consists of Two Parcels Including a Stop & Shop Master Lease with a Koninklijke Ahold Guaranty as well as a Kohl's Corporate Guaranty
  • Strong Tenant Profile with Nordstrom Rack, Off Broadway, Firestone, The Friendly Toast, and Kohl's

Investment Overview

The NNN Pro Group is pleased to present the exclusive listing for the two parcel Stop & Shop Master Lease and Kohl’s located 50 Independence Way, Danvers, MA within the Liberty Tree Mall. The Liberty Tree Mall first opened in 1972, however in 2001 the Kohl’s and Stop & Shop replaced the retail chain Ann & Hope. In 2008, Stop & Shop subleased their space to Nordstrom Rack, Off Broadway, and Pier 1 (which is currently being re-tenanted). It is estimated that the Kohl’s building consist of roughly 100,434 SF, the Nordstrom space is 42,495 SF, the Off-Broadway space is 23,893 SF, the former Pier 1 is 20,000 SF, the Firestone is 6,630 SF, and The Friendly Toast restaurant is 5,076 SF. In total, the two condos consist of 198,528 rentable square feet of building space and 20.095 acres of total land. The Kohl’s lease commenced in 2001 and expires on January 31, 2028. The tenant is subject to an absolute triple-net (NNN) lease with zero landlord responsibilities. Kohl’s is responsible for paying a rent of $1,507,500, which is 36% of the two parcel’s rent roll. In addition to the primary lease term, the tenant has ten, five-year renewal options. Also in 2001, Stop & Shop signed a 25-year absolute triple-net (NNN) master lease. The space is now occupied by Nordstrom Rack, Off Broadway, a vacant end cap that is being re-tenanted with a hot tub/pool retailer, and two outparcels, that are leased to Firestone and Friendly Toast Restaurant. Stop & Shop pays a rent of $2,653,522 and collects rent from the five subtenants. In addition to the primary term, Stop & Shop has twelve, five-year renewal options, which they are likely to exercise in order to prevent competing grocery chains from entering this space and protecting their other store in Danvers that is 3 miles away.

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Regional Manager

    (617) 896-7220

    License(s): MA: 1000485

    Massachusetts

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