Kohl's NORTH SMITHFIELD, RHODE ISLAND - LoopNet
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NORTH SMITHFIELD, RHODE ISLAND
Kohl’s
Asking Price: $5,700,000 Michael Zimmerman Michael O’Mara
919.391.9901 617.239.3616
Cap Rate: 5.70% mzimmerman@atlanticretail.com momara@atlanticretail.com
BOSTON, MA | CHAPEL HILL, NC | CHARLOTTE, NC | JUPITER, FL | LOS ANGELES, CA | PITTSBURGH, PA | ATLANTICRETAIL.COM
PRIME RETAIL SITE
The Property is within Dowling Village
premier power center (a 600,000 square
foot mixed-use development) anchored
by Lowe’s, Walmart, ALDI and this Kohl’s
location. This is North Smithfield’s largest
site for commercial development (with
a trade area of nearly 190,000 people)
featuring cross easements with box
tenants and added development potential.
NEW OMNI-CHANNEL PROTOTYPE
The 35,000 square foot store utilizes the
latest Kohl’s prototype, which blends the
retail and online shopping experience.
This omni-channel concept is a newer
style of retail that aims to complement
the physical business with online sales.
EXCELLENT MARKET LOCATION
The Property is 20 minutes from
Providence (more than 1.7 million
people) and less than one hour from
Boston. Interstate 295 runs just south
of the town with direct access from
nearby North Smithfield Expressway. Over
95,000 people, with an average household
income greater than $73,000, live within
five miles of the Property.
QUALITY, LONG-TERM INVESTMENT
This 21-year Ground lease features a
rental increase starting in Year 11 of
the Base Term as well as structured 10
percent rental increases in each of the
eight options to extend. The site can
handle future expansion and development
91,963 $2.41 B due to the large lot size of more than six
acres (the site was originally approved
EST POPULATION AVG HH SPENDING
IN 5-MILE RADIUS IN 5-MILE RADIUS for an 85,000 square foot building with
improvements). The tenant is responsible
for 100 percent of the lot CAM real estate
taxes and insurance.
$88,808 56,000
AVG HH INCOME ADT ON NEARBY
IN 5-MILE RADIUS INTERSTATE 295
KO H L ’ S | I N V E S T M E N T H I G H L I G H T S AT L A N T I C R E TA I L . C O M | 1
Kohl’s Founded in 1962 in a suburb of Milwaukee, Kohl’s is now one of the largest department store chains by retail sales in the United States. Kohl’s operates 1,156 stores in 49 states, totaling 99 million square feet of retail space. The Company’s success has been driven in part by its winning team of 140,000 associates who consistently put customers first. Kohl’s offers quality, national and exclusive brands for customers and their families. In addition to a powerful portfolio of exclusive brands—including Simply Vera Wang, Sonoma, Jennifer Lopez, Food Network and Croft & Barrow—Kohl’s is also the No. 1 retailer in the country of many major brands such as Levi’s, Dockers and Columbia. Each Kohl’s store is easy to shop and is designed to inspire customers and allow them to shop the way they want. The brick-and-mortar store experience is complemented by omni-channel platforms including Buy Online, Pick Up in Store, which allows customers to pick up orders made online for free at a local Kohl’s store. Customers can also have products shipped directly to them from a Kohl’s store, and all shoppers have access to the Kohl’s mobile app, Yes2You Rewards and Kohl’s Pay. Strong expense discipline has driven bottom line results despite an ever-changing retail sales environment. In 2016, Kohl’s reported total sales of $18.7 billion, and revenue for Q4 2017 increased by 9.2 percent. Same-store sales were also up more than six percent in 2017. Recently, Kohl’s has started to dedicate portions of space in certain locations to partner with brands like ALDI to offer space for grocery and convenience stores. KO H L ’ S | T E N A N T P R O F I L E AT L A N T I C R E TA I L . C O M | 2
Lease Summary
ADDRESS 35 Dowling Village Blvd.
North Smithfield, RI 02896
TENANT Kohl’s Department
Stores, Inc.
GUARANTOR Corporate
STOCK SYMBOL NYSE: KSS
ASKING PRICE $5,700,000
Rent Schedule
CAP RATE 5.70%
BUILDING ± 35,000 SF
LAND SIZE ± 6.86 acres
YEARS ANNUAL RENT INCREASE
COMMENCEMENT October 30, 2012
1–10 (Base Term) $325,000.00 N/A
EXPIRATION October 31, 2033
11–21 (Base Term) $335,000.00 3%
LEASE TERM 21 Years
22–26 (Option 1) $368,500.00 10%
ANNUAL RENT $325,000.00
27–31 (Option 2) $405,350.00 10%
ADDITIONAL RENT CAM, Real Estate Taxes
& Insurance 32–36 (Option 3) $445,885.00 10%
OPTIONS 8 x 5-Year Options 37–41 (Option 4) $490,473.50 10%
INCREASES 3% in Year 11 of Base Term 42–46 (Option 5) $539,520.85 10%
and 10% Every Five Years
Within Option Periods 47–51 (Option 6) $593,472.93 10%
LEASE TYPE Ground 52–56 (Option 7) $652,820.22 10%
LANDLORD No Responsibilities 57–61 (Option 8) $718,102.24 10%
KO H L ’ S | L E A S E S U M M A R Y AT L A N T I C R E TA I L . C O M | 3
KO H L ’ S | P R O P E R T Y A E R I A L AT L A N T I C R E TA I L . C O M | 4
KO H L ’ S | P R O P E R T Y A E R I A L AT L A N T I C R E TA I L . C O M | 5
UNDER CONSTRUCTION
RESIDENTIAL
ED
DIE
DO
WL
ING
HIG
HW
AY
KO H L ’ S | S H O P P I N G C E N T E R S I T E P L A N AT L A N T I C R E TA I L . C O M | 6
ED
DIE
DO
WL
ING
HIG
WA H
Y
KO H L ’ S | M A R K E T A E R I A L AT L A N T I C R E TA I L . C O M | 7
DISTRIBUTION
CENTER
The Highland Corporate Park
is home to the corporate office
of CVS Health, along with other
members of the CVS Health family
including the Finance Center, the
Marketing Support Center and the
Retail Pharmacy Center.
KO H L ’ S | M A R K E T A E R I A L AT L A N T I C R E TA I L . C O M | 8
2
1
3
5
AREA ATTRACTIONS 4
6
1. North Central State Airport • 6.6 miles
2. Southwick’s Zoo • 6.3 miles
3. Pawtucket, RI • 11.1 miles
4. Dunkin’ Donuts Center • 12.7 miles
5. Brown University • 12.8 miles
6. Downtown Providence, RI • 12.9 miles
7. TF Green Airport • 21.9 miles
7
KO H L ’ S | M A R K E T A E R I A L AT L A N T I C R E TA I L . C O M | 9WITHIN PROVIDENCE COUNTY
North Smithfield is a town in
Providence County, Rhode Island,
which was settled as a farming
community in 1666 and incorporated
into its present form in 1871. The town
is comprised of 24.7 square miles
nestled in the Blackstone Valley, the
oldest industrialized region in the
U.S. There are still in existence an
abundance of historic houses, sites,
landmarks and mills enriched with
history to visit. The population was
11,967 at the 2010 census.
KO H L ’ S | M A R K E T O V E R V I E W AT L A N T I C R E TA I L . C O M | 1 0CLOSE PROXIMITY TO PROVIDENCE
North Smithfield is located 15 miles
from Rhode Island’s capital—and
the state’s most populous city—of
Providence, the third largest city in
the New England region. Providence
has the 37th largest metropolitan area
population in the country, with more
than 1.7 million people calling the area
home. Neighboring North Smithfield
Expressway offers direct access to
major highway Interstate 295 just
south of the town.
KO H L ’ S | M A R K E T O V E R V I E W AT L A N T I C R E TA I L . C O M | 1 1INTERNATIONALLY-ACCLAIMED
UNIVERSITY CAMPUS
The Property is less than 13 miles
from the main campus of Brown
University, a private Ivy League
research university situated in the
College Hill Historic District of
Providence. Brown is the seventh
oldest institution of higher education
in the U.S. and serves nearly 10,000
undergraduate and graduate students
annually. Brown has been ranked first
in the country multiple times on the
Princeton Review’s list of colleges
with the “Happiest Students,” and
currently boasts an endowment of
more than $3.5 billion.
KO H L ’ S | M A R K E T O V E R V I E W AT L A N T I C R E TA I L . C O M | 1 2Demographics
DEMOGRAPHICS 1 MILE 3 MILES 5 MILES DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
Estimated Population 6,056 58,750 91,963 Est. White 82.8% 79.0% 83.1%
2022 Projected Population 6,124 60,171 93,843 Est. Black 6.6% 7.7% 6.1%
2010 Census Population 6,124 59,147 93,050 Est. Asian or 5.4% 5.6% 4.9%
Pacific Islander
2000 Census Population 6,317 60,727 91,503
Est. American Indian 0.2% 0.3% 0.2%
Projected Annual Growth (2017–2022) 0.2% 0.5% 0.4%
POPULATION
or Alaska Native
Historical Annual Growth (2000–2017) -0.2% -0.2% N/A
Est. Other Races 4.9% 7.4% 5.7%
RACE
Estimated Households 2,594 25,090 37,454
Est. Hispanic 456 7,523 9,186
2022 Projected Households 2,619 25,681 38,273 Population
2010 Census Households 2,553 24,394 36,282 Est. Hispanic 7.5% 12.8% 10.0%
Population
2000 Census Households 2,600 24,602 35,257
2022 Projected 9.3% 14.5% 11.6%
Projected Annual Growth (2017–2022) 0.2% 0.5% 0.4% Hispanic Population
Historical Annual Growth (2000–2017) N/A 0.1% 0.4% 2010 Hispanic 5.0% 10.5% 7.7%
Population
Est. HH Income $200,000+ 3.5% 4.0% 6.9%
Est. HH Income $150,000-$199,999 5.2% 4.5% 6.9%
Est. HH Income $100,000–$149,999 17.0% 13.5% 16.0%
Est. HH Income $75,000-$99,999 15.5% 11.9% 13.0%
Est. HH Income $50,000–$74,999 19.2% 16.0% 15.3%
INCOME
Est. HH Income $35,000–$49,999 15.9% 12.8% 11.6%
Est. HH Income $25,000–$34,999 9.1% 10.0% 8.7%
Est. HH Income $15,000–$24,999 5.7% 11.4% 9.3%
Est. HH Income Under $15,000 8.9% 15.9% 12.3%
Est. Average Household Income $86,083 $73,295 $88,808
Est. Median Household Income $62,610 $53,426 $67,007
KO H L ’ S | D E M O G R A P H I C S AT L A N T I C R E TA I L . C O M | 1 3Confidentiality & Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Atlantic Retail Investment Services and should not be made available to any other person or entity without the written consent of Atlantic Retail Investment Services. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Atlantic Retail Investment Services has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Atlantic Retail Investment Services has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail Investment Services conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. KO H L ’ S | C O N F I D E N T I A L I T Y AT L A N T I C R E TA I L . C O M | 1 4
NORTH SMITHFIELD, RHODE ISLAND
Kohl’s
Asking Price: $5,700,000 Michael Zimmerman Michael O’Mara
919.391.9901 617.239.3616
Cap Rate: 5.70% mzimmerman@atlanticretail.com momara@atlanticretail.com
BOSTON, MA | CHAPEL HILL, NC | CHARLOTTE, NC | JUPITER, FL | LOS ANGELES, CA | PITTSBURGH, PA | ATLANTICRETAIL.COMYou can also read
