Miscellaneous

Harbor Freight Tools - San Fernando Valley

13767 Foothill Blvd, Los Angeles, CA 91342

Listing Price: $7,329,348

Cap Rate
4.60%
Tenant Name
Harbor Freight Tools
Years Remaining On Lease
6.80
Gross SF
14,512
Guarantor
Corporate Guarantee
Rentable SF
14,512
Price/Gross SF
$505.05
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$23.23

Investment Overview

Marcus & Millichap is pleased to offer an exclusive acquisition of the fee-simple interest in a net-leased Harbor Freight Tools (the “Property”) located in the City of Sylmar. The property consists of a newly constructed freestanding building corporately tenanted by Harbor Freight Tools USA, Inc. (d/b/a Harbor Freight Tools) on a brand new NNN lease with an initial 10 years of term and 10 percent increases every five years. There are currently 7± years remaining on the current lease with (4) 5 Year Options in tow. Landlord responsibilities are limited to roof and structure; Tenant is responsible for parking lot and HVAC maintenance as part of their extended obligations. The improvements consist of a newly constructed 14,512 square foot building situated on a 0.73 acre lot with 34 parking spaces. The property benefits from 2017 construction with optimal visibility situated on the northeast corner of signalized Foothill Boulevard and Sayre Street which includes two grocery anchored centers with Vons and Vallarta Market. This spectacular site is located just off the 210 Freeway along a north-south stretch of Foothill Boulevard surrounded by a dense retail, industrial, and residential presence. The intersection of Sayre Street and Foothill is the heart of Sylmar. Nearby cities include neighboring Granada Hills, Pacoima, and Van Nuys. The property is located a half and hour drive to Downtown Los Angeles and a short drive from Burbank. The City of Sylmar is located centrally between multiple freeways: the 405, 118, and 210 freeway identified as major interstates for Los Angeles County serving as a conveyor belt of patrons for the tenant at this location. Over 70% of residents in the City of Sylmar are homeowners. Over the course of March and April 2020 during the pandemic reports indicated that consumers spent over $550 million at home improvement stores, deemed an essential business, classifying purchases as non-discretionary. As a designated essential business, Harbor Freight Tools maintained uninterrupted rent payments while keeping in-line their promise on low prices direct to the consumer. Complimenting national credit retailers including Vons, Citibank, Bank of America, Starbucks and Rite-Aid are located within blocks from the property. The location serves an extremely dense middle-class demographic with over 145,000 total population in a 3-Mile Radius and over 287,000 residents in a 5-Mile radius with a median household income of $65,000. The outstanding location, newly constructed building, long-term corporate lease, and contractual rental increases make this a great investment opportunity.

Investment Highlights

  • Essential Business: Tenant is open, paying rent, uninterrupted operations, no deferment.
  • Initial Brand New 10 Year Lease with Seven Years Remaining; Expiration Date of July 31st, 2027
  • The Tenant is On a NNN Lease with Landlord Responsibilities Limited to Roof and Structure

Exclusively Listed By

Financing By

Miscellaneous

Harbor Freight Tools - San Fernando Valley

Listing Price: $7,329,348

Cap Rate
4.60%
Tenant Name
Harbor Freight Tools
Years Remaining On Lease
6.80
Gross SF
14,512
Guarantor
Corporate Guarantee
Rentable SF
14,512
Price/Gross SF
$505.05
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$23.23

Investment Highlights

  • Essential Business: Tenant is open, paying rent, uninterrupted operations, no deferment.
  • Initial Brand New 10 Year Lease with Seven Years Remaining; Expiration Date of July 31st, 2027
  • The Tenant is On a NNN Lease with Landlord Responsibilities Limited to Roof and Structure

Investment Overview

Marcus & Millichap is pleased to offer an exclusive acquisition of the fee-simple interest in a net-leased Harbor Freight Tools (the “Property”) located in the City of Sylmar. The property consists of a newly constructed freestanding building corporately tenanted by Harbor Freight Tools USA, Inc. (d/b/a Harbor Freight Tools) on a brand new NNN lease with an initial 10 years of term and 10 percent increases every five years. There are currently 7± years remaining on the current lease with (4) 5 Year Options in tow. Landlord responsibilities are limited to roof and structure; Tenant is responsible for parking lot and HVAC maintenance as part of their extended obligations. The improvements consist of a newly constructed 14,512 square foot building situated on a 0.73 acre lot with 34 parking spaces. The property benefits from 2017 construction with optimal visibility situated on the northeast corner of signalized Foothill Boulevard and Sayre Street which includes two grocery anchored centers with Vons and Vallarta Market. This spectacular site is located just off the 210 Freeway along a north-south stretch of Foothill Boulevard surrounded by a dense retail, industrial, and residential presence. The intersection of Sayre Street and Foothill is the heart of Sylmar. Nearby cities include neighboring Granada Hills, Pacoima, and Van Nuys. The property is located a half and hour drive to Downtown Los Angeles and a short drive from Burbank. The City of Sylmar is located centrally between multiple freeways: the 405, 118, and 210 freeway identified as major interstates for Los Angeles County serving as a conveyor belt of patrons for the tenant at this location. Over 70% of residents in the City of Sylmar are homeowners. Over the course of March and April 2020 during the pandemic reports indicated that consumers spent over $550 million at home improvement stores, deemed an essential business, classifying purchases as non-discretionary. As a designated essential business, Harbor Freight Tools maintained uninterrupted rent payments while keeping in-line their promise on low prices direct to the consumer. Complimenting national credit retailers including Vons, Citibank, Bank of America, Starbucks and Rite-Aid are located within blocks from the property. The location serves an extremely dense middle-class demographic with over 145,000 total population in a 3-Mile Radius and over 287,000 residents in a 5-Mile radius with a median household income of $65,000. The outstanding location, newly constructed building, long-term corporate lease, and contractual rental increases make this a great investment opportunity.

Exclusively Listed By

Financing By

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