Nordstrom Rack & Ross Dress For Less at Gilroy Crossing
Retail | 7.00% CAP | 55,591 SqFt
Investment highlights
Long-Term Ross Tenancy: Ross has operated at the center since 2004, consistently driving value-focused foot traffic and demonstrating strong performance.
New Nordstrom Rack Lease Through 2034: Nordstrom Rack signed a long-term lease through 2034 with an 18.8% rent spread, signaling strong confidence in the location.
Strong Credit Profile & Strategic Positioning: Ross (S&P: BBB+) and Nordstrom Rack (Moody’s: Baa2) offer stable income backed by national brands with solid financials.
Secure Income Stream with 7-Year WALT: The property features a 7-year weighted average lease term, ensuring reliable long-term cash flow from established tenants.
Rent Growth Tailwinds: Demographic strength and submarket rent growth position the asset for future upside, with rents currently below market.
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