Target, El Monte
Target, El Monte
Marketing description
Newmark Capital Markets is pleased to present to qualified investors the rare opportunity to acquire the fee simple interest in a new single tenant NNN full-sized Target (“Property”) in the dynamic El Monte submarket of Los Angeles. The Property is comprised of a 125,974 square foot full-sized Target store on approximately 8.31 acres of land. Target executed a new 15-year lease with 10% increases every five (5) years and four (4) five (5) year options to extend. Target and the Landlord have made a very large capital investment in this property and the result is stunning. Target opened their new “state-of-the-art” facility on October 13, 2024.
El Monte is located approximately 12 miles from Downtown Los Angeles and considered the hub of the San Gabriel Valley where Interstates 10 and 605 intersect. It is home to a dense and diverse consumer base and daytime population. The outstanding demographic profile of this submarket includes 221,887 people with AHHI exceeding $96,000 within 3 miles and over 537,000 people with an AHHI of $105,000 within 5 miles.
This business-friendly city services the San Gabriel Valley and is home to some of the most successful car dealerships in the country. The Property sits adjacent to Longo Lexus and Longo Toyota, the #1 volume & sales auto dealership in the United States. Other notable retailers in El Monte Center include Planet Fitness, Wendy’s, Yoshinoya, and three pending national drive-thru tenants. This is a very rare opportunity to acquire a brand new, state of the art Target on a long-term lease located in a very desirable infill, Los Angeles submarket.
Investment highlights
National Investment Grade Tenant
Target (NYSE: TGT) is the 6th largest retailer in the world with over $107 billion in sales, 1,956 stores, and 440,000 employees.
In 2023, Target ranked #32 on the Fortune 500 list of largest U.S. corporations by total revenue and currently has a market cap that exceeds $66 billion.
Investment grade credit rating of A2 (Moody’s) and A (S&P).
Passive Investment Opportunity
New 15 year lease commencing in 2024 with 10% increases every 5 years and four (4) five (5) year options to extend.
Passive opportunity with no management and minimal landlord obligations.
Target is investing significant capital into the redevelopment of this location, further proving their overall commitment and confidence in this location.
Newly renovated state of the art Target store.
Densely Populated, Infill, High Income, And Expanded Trade Area
More than 38,000 people within 1 mile with an Average Household Income exceeding $73,000.
More than 221,800 people within 3 miles with an Average Household Income exceeding $96,000.
More than 537,000 people within 5 miles with an Average Household Income exceeding $105,000.
The new density mandated under the State Housing Element law, El Monte’s RHNA allocation for 2021-2029 is a total of 8,502 units. This future density will further enhance the overall demand on retail in El Monte.
Penske’s Longo Toyota is the #1 volume and sales dealership in the United States, providing an expanded trade area of consumers that travel over 50-miles to visit this location.
Strong Demographics and location
Outstanding Freeway adjacent to Longo Lexus and Longo Toyota, the nation’s highest volume automotive dealership.
High quality demographics in the surrounding area with average household incomes in excess of $105,000 per year.
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