Bealls | Checotah, OK
10% Rent Bumps | 8.00% CAP | 10-Year Lease | Recent Major Renovation
Marketing description
Addison Williams from CBRE is pleased to offer for sale a single tenant net leased Bealls, one of the nation’s largest private department store chains with over 650 locations around the country.
Situated next door to a Walmart Supercenter, this 20,590 square foot space is just off the busy W Gentry Ave, the main thoroughfare of Checotah, OK, seeing over 15,000 vehicles per day. Bealls just signed a new 10+ year lease, committing to the site through January 2036. There is a 10% rental escalation taking effect on February 1, 2030. Bealls has opted to retain five 5-year options, each with continuing 10% rental escalations.
The property just underwent a full renovation, including a new storefront, updated HVAC equipment, upgraded electrical and plumbing, and modern tenant finishes. The parking lot has also been resurfaced and striped.
The lease is on a NN+ basis, whereby the majority of property expenses are paid for by Tenant.
Mudslingers Coffee leases a 200 square foot pop-up building in the Bealls parking lot.
Investment highlights
Dedication to the site: Bealls recently exercised a new 10-year lease
Prime Location: Located next door to a Walmart Supercenter along the main thoroughfare of the city seeing over 15,000 vehicles per day
10% rental escalation in February 2030
20,590 SF multi-purpose space
Full renovation in 2024: new storefront, HVAC, electrical, plumbing, Tenant finishes, parking lot
Below market rent of $7.45 PSF (NNN market rent within 3-mile radius: $13.00 PSF)
NN+ lease: minimal Landlord responsibilities
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