Property details
Lease Contract, Southwest Region
Property Description
• Lease Contract is NNN with the tenant
• Lease contract also calls for a rent bump on 12/1/08 which will increase the CAP from 7.80% to 8.40%
• Located only 1.5 miles from 10,000 students
• The lease contract is signed by a corporate, public company with a net worth of $100M
• Across street from Wal Mart Supercenter
Hastings is located along the main commercial corridor in the city. Tenants such as Kroger, McDonalds, Wendys, Pizza Hut, Starbucks, Wal Mart, IHOP, and Dollar Tree are all located along the same street.
About the Tenant
It is a leading multimedia entertainment retailer that combines the sale of new and used CDs, books, videos and video games, as well as boutique merchandise, with the rental of videos and video games in a superstore format.
Images
Highlights
- Status:
- Available
- Price:
- $2,460,000
- PSF:
- $90
- Cap Rate:
- 7.80%
- Annual Rent:
- $191,920
- Rent Increases:
- 7.50% on 12/1/2008
Property Information
- Building Size:
- 27,256 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Retail
- Units/Spaces:
- 1
- Land Area:
- 2.08 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Hastings Entertainment
- Lease Type:
- NNN
- Lease Commencement:
- 8/1/2001
- Lease Expiration:
- 11/24/2013
- Lease Term:
- 12 years
- Years Remaining:
- 5 years
- Landlord Responsibilities:
- None
- Options:
- Three 5-Year w/ Increases
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.