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Fort Dodge, IA - Buckle

South 29th Street | Fort Dodge, IA 50501

$2,168,000

Price

Cap Rate

$130,050

NOI

5,100

± SF Offering GLA

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, newly built, corporate signed, Buckle investment property located in Fort Dodge, IA (Des Moines MSA). The tenant recently signed a brand new 10-year lease with 3 (5-year) option periods to extend, demonstrating their commitment to the site. The lease features rare 2% annual rental increases throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is signed by the corporate entity (NYSE: BKE), and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1948, Buckle is a well-established retailer which offers a unique mix of high-quality, on-trend apparel, accessories, and footwear. Originally located in Crossroads Mall, Buckle has years of experience in the current market, and wants to show their continued commitment with the newly constructed building, which opened in November 2021.

Location

Buckle is strategically located near the signalized, hard-corner intersection of 1st Avenue S. and S. 29th Street, averaging a combined 17,700 vehicles passing by daily. The new, free-standing Buckle is directly across from Crossroads Mall, a 352,710 SF indoor mall anchored by Dunham’s Sports. In addition to being an outparcel to a Marshalls and Hy-Vee Anchored center, other strong surrounding tenants in the area include Walmart Supercenter, Kohl’s, Goodwill, Aaron’s, Aldi, Anytime Fitness, O’Reilly Auto Parts, Target, and more. Marshalls and Hobby Lobby have also recently exercised long term lease extensions, further showing commitment to the market. The site is ideally situated in an expanding retail corridor with numerous plans for development within the surrounding area including a $18.2 million Crossroads Malls redevelopment project, which is expected to increase the local tax revenue by $2 million per year. Furthermore, the property is near multiple apartment complexes including JBM Apartments (51 units), The Phillips Luxury Apartments (72 units), Garden Village (72 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by over 26,600 residents and 18,400 daytime employees, with an average annual household income of $60,858.

Documents & Links

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Offering Memorandum

Contact

Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215