Department Store

Lowe's

Listing Price: $9,500,000

Cap Rate
5.00%
Tenant Name
Lowe's Home Centers, Inc.
Years Remaining On Lease
13.00
Gross SF
121,048
Guarantor
Corporate Guarantee
Rentable SF
121,048
Price/Gross SF
$78.48
Lease Type
Ground Lease
Rent Per Square Feet
$3.92

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for the Lowes Home Improvement located 2924 Summerville Way in Chester, New York. Built in 2008 the site consists of approximately 121,048 rentable square feet of building space on an estimated 18.77-acre parcel of land.
The Lowes Home Improvement property is subject to an original 25-year absolute triple-net (NNN) ground lease, which expires August 31st , 2033 and has over 13 years of lease term remaining. The current rent is $475,000 and will increase by 10% at the beginning of each option period. There are eight five-year tenant renewal options extending the potential lease term to over 50 years remaining. This investment grade credit (S&P: BBB+) Lowes Home Improvement benefits from being an essential business and has remained open during the entirety of the pandemic.

Investment Highlights

  • Original 25-Year Absolute Triple-Net (NNN) Ground Lease with Over 13 Years Remainin
  • There are 10% Rental Escalations at the Start of Each Option Period
  • Investment Grade Tenant | BBB+ Credit Rating

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

Listing Price: $9,500,000

Cap Rate
5.00%
Tenant Name
Lowe's Home Centers, Inc.
Years Remaining On Lease
13.00
Gross SF
121,048
Guarantor
Corporate Guarantee
Rentable SF
121,048
Price/Gross SF
$78.48
Lease Type
Ground Lease
Rent Per Square Feet
$3.92

Investment Highlights

  • Original 25-Year Absolute Triple-Net (NNN) Ground Lease with Over 13 Years Remainin
  • There are 10% Rental Escalations at the Start of Each Option Period
  • Investment Grade Tenant | BBB+ Credit Rating

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for the Lowes Home Improvement located 2924 Summerville Way in Chester, New York. Built in 2008 the site consists of approximately 121,048 rentable square feet of building space on an estimated 18.77-acre parcel of land.
The Lowes Home Improvement property is subject to an original 25-year absolute triple-net (NNN) ground lease, which expires August 31st , 2033 and has over 13 years of lease term remaining. The current rent is $475,000 and will increase by 10% at the beginning of each option period. There are eight five-year tenant renewal options extending the potential lease term to over 50 years remaining. This investment grade credit (S&P: BBB+) Lowes Home Improvement benefits from being an essential business and has remained open during the entirety of the pandemic.

Exclusively Listed By

  • Glen D. Kunofsky

    Licensed Associate Real Estate Broker

    (212) 430-5115

    Email Glen

    License(s): NY: 10301203289, NY: 109940808

    Manhattan

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