1601 W 41ST ST Sioux Falls SD 57105-6371

The Boulder Group is pleased to exclusively market for sale the fee simple interest in a single tenant absolute triple net leased Shopko property located in Sioux Falls, South Dakota. The property is strategically located at a signalized intersection in the regions dominant retail corridor. Shopko is committed to this location as evidenced by their long operating history at this location (since 1987). There are over 17 years remaining on the Shopko lease that features a low rent per square foot ($10.27), annual rental escalations and two 10-year renewal option periods. In addition, South Dakota is an income tax free state. Shopko is a privately owned retailer with more than 360 stores in 24 states.

The 90,585 square foot building is well located within the primary regional trade area at a signalized intersection along 41st Street. 41st Street is the primary east-west thoroughfare in the area with traffic counts of 27,300 vehicles per day. The Shopko property is surrounded by a number of big box retailers including Walmart Supercenter, Target, Costco, Sam’s Club, Menards, Best Buy, Hy-Vee, Hobby Lobby and Office Depot. Roughly one-mile from the property is The Empire Mall, a 1,341,202 square foot mall with over 180 stores. The Empire Mall anchors the regional trade area and is a huge tourist attraction in South Dakota, with more than seven million visitors annually. Retailers located within the mall include JCPenney, Macy’s, Sears, Dick’s Sporting Goods, Coach, Disney, lululemon and NIKE to name a few. There are over 91,590 people living within a three mile radius of the property earning average annual household incomes of $73,646 per year.

There are over 17 years remaining on the lease that expires December 31, 2035. The triple net lease features annual rental escalations and two 10-year renewal option periods. Shopko operates more than 360 stores in 24 states throughout the Central, Western and Pacific Northwest regions. The company was founded in 1962 and is headquartered in Green Bay, Wisconsin.