20745 Stevens Creek Blvd, Cupertino, CA 95014; Neighborhood Center For Sale; D-3 in Santa Clara County

20745 Stevens Creek Blvd, Cupertino, CA 95014; Neighborhood Center For Sale; D-3 in Santa Clara County


20745 Stevens Creek Blvd, Cupertino, CA 95014; Neighborhood Center For Sale; D-3 in Santa Clara County

1

NNN Target

20745 Stevens Creek Blvd, Cupertino, CA 95014

Retail Property For Sale

Price:
$60,000,000
Gross Leasable Area:
128,909 SF
Price/SF:
$465.44
Property Type:
Retail
Property Sub-type:
Neighborhood Center
Property Use Type:
Net Lease Investment with
10+ years left on lease
Tenancy:
Multiple
Lot Size:
9.08 AC
Listing ID
18714450

Description

" “Generational opportunity to acquire an infill, regionally accessible location in the heart of The Silicon Valley.

" NNN leased to Target with a rent approximately 1/3 of market, providing the security/downside protection of a 10-year treasury bill with strong upside.

" Significant future upside opportunity with only 5 years remaining on the primary term of the lease (10 years including final option) allows for near term upside and flexibility of development for future retail, office, residential and mixed uses.

" Rare opportunity to purchase a single tenant NNN lease with Target, who owns 86% of their real estate (according to their annual report).

" Strong performing store with sales reportedly near $60M, an incredible 50% above average, impressive for an older, non-remodeled store.

" Densely populated and affluent trade area with over 22,000 residents within a 1-mile radius and over 187,000 residents within a 3-mile radius with some of the highest average household incomes in the United States at over $169,000 in the city of Cupertino.

" Strong spending as demonstrated by the immediate housing values, which start at approximately $1M (over $1.2M median) and average approximately $1,000 per square foot.

" Less than one half (1/2) mile from Apple’ s corporate campus in a submarket with virtually no office vacancy.