WSS | Phoenix, AZ
Foot Locker, Inc. Guaranteed Lease | 3 Miles from Downtown Phoenix
Marketing description
New 10 year net lease to WSS, a footwear retailer showcasing thousands of styles from top brands like Nike, Jordan, Vans, and more. Tenant covers CAM, taxes, liability insurance, property insurance, and handles most maintenance of the Premises. Landlord oversees roof and structure.
10% rental increases every five (5) years through the initial term and four (4) five-year options.
Guaranteed by Foot Locker Inc., a multinational retailer of footwear, sportswear, urban youth apparel and accessories headquartered in Midtown Manhattan, New York City, and operating in over 40 countries (NYSE: “FL”).
Dick’s Sporting Goods announced in May 2025 that it is acquiring Foot Locker for approximately $2.4 billion. This acquisition is set to be the largest in Dick’s history and aims to strengthen its position in the sneaker and sportswear market while significantly expanding its global footprint. Dick’s will add 2,400 stores to it’s current footprint of 846 stores.
Tenant covers all taxes, insurance, and maintenance, excluding roof and structure.
As of July 2025 the brand operates over 100 locations, primarily located in California, Nevada, Arizona, and Texas.
Landlord has invested significant cash into this location, therefore offering a significant level of depreciation.
Attractive cash on cash for debt.
Investment highlights
- Prime Retail Location: High-visibility and easily accessible location at the signalized intersection of South Central Avenue and Southern Avenue, which experiences a combined traffic count of over 57,000 vehicles per day.
- Reliable Tenancy: Landlord has invested significant cash into this location.
- Strong Demographic Base: The five-mile radius serves a populous region of 218,881, with an average annual household income of $101,479 within three miles.
- Excellent Traffic Drivers: The property is surrounded by a vibrant mix of local and national retailers that drive the area’s primary economic activity, including Lowe’s, Food City, Safeway, Family Dollar, Circle K, O’Reilly Auto Parts, and many more.
- Downtown Phoenix: Five miles from Downtown Phoenix (58K+ residents), allowing the site to capture significant local and commuter traffic.
- Depreciable Asset | Excellent Cash on Cash Return for Buyer's Seeking Debt
- Over $1m in Depreciable Improvements Made to the Property.
- A New Roof Was Fitted in 2024, Backed by a 2-year Full Contractor Guarantee and a 10-year Manufacturer Assurance.
- Cash on Cash Returns Exceed 8.25% (See Debt Analysis Page of Om).
- High-visibility and Easily Accessible Location at the Signalized Intersection of South Central Avenue and Southern Avenue, Which Experiences a Combined Traffic Count of Over 57,000 Vehicles Per Day.
- Property Features a Large Monument Sign Along South Central Avenue.
- Located Across From Foothill Shopping Center, a 78,000-sf Shopping Center Featuring Anchor Tenants Harbor
- Freight Tools and Los Altos Ranch Markets.
- Surrounded by a Vibrant Mix of Local and National Retailers That Drive Local Economic Activity, Including Lowe's, Food City, Safeway, Family Dollar, Circle K, O'reilly Auto Parts, and More.
- Less Than One Mile From South Mountain High School (2,171 Students).
- Infill Phoenix New Light Rail Stop Just Completed Directly in Front of Site
- 218.881 Residents Live Within Five Miles of the Property, a 22% Increase Since 2010. High Average Annual Household Income of $101,479 Within a Three-mile Radius of the Site.
- New Light Rail Extension Just Completed a Stop Right in Front of Wss. This Will Significantly Impact Foot Traffic as It Brings 13.000 Daily Riders on Top of the 25,000 Vehicles Per Day (Article)
- Five Miles From Downtown Phoenix (58k+ Residents), Allowing the Site to Capture Significant Local and Commuter Traffic.
- Growing Market Dynamics: Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise this WSS and Phoenix for steady concurrent growth
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