Staples
1740 North National Avenue, Chehalis, WA, USA
$3,245,000 · 7,25 · 10 years · NN
1.65 Acres
23,524 SF
2000
7,25 CAP
$3,245,000 · 7,25 · 10 years · NN
SALE PRICE: $ 3,245,000
CAP RATE: 7,25%
NOI: $ 235,240
LEASE TYPE: NN
LEASE TERM REMAINING: 10+/- years remaining
LEASE EXPIRATION: February 29, 2032
OPTIONS: One 5-year option
RENTAL ESCALATIONS: 21% in the next option
RENTABLE SF: 23,542 SF
LOT SIZE: 1.65 Acres
YEAR BUILT: 2000
OWNERSHIP TYPE: Fee Simple
Subject property is a 23,542 SF freestanding building located on a hard corner and subject to a 15 year NN lease with approximately 4+/- years remaining on the term. Staples Inc. was recently acquired by Sycamore Partners Inc., a private equity company. Staples has been successfully operating at this location for over 18 years and is one of the top performing stores in the state. Staples signed a 15-year NN lease in 2000. Staples has exercised their second option and has only two 5-year options remaining with rental escalations, further showing commitment to the site.
The subject property is located on the East side of the I-5, the main arterial connecting Canada to Mexico. Chehalis is approximately half way between Seattle and Portland and the subject store serves the area within a 30- mile radius which is why the store ranks among top 3 in the state. Area is a retail hub with a strong national tenant roster including Walmart, Home Depot, Walgreens, Wendy’s, O’Reillys, Starbucks, Big 5, Sonic, Applebee’s, McDonald’s, True Value, U-Haul, Michaels, Grocery Outlet, Maurices, Rue 21, Little Caesars, Jiffy Lube, GameStop, Great Clips, Dutch Bros, Tractor Supply etc