Kay Jewelers

Fort Dodge, IA

Price $776,000
Cap Rate 6.50%
TYPE Single-Tenant
STATUS Under Contract
Tenant Kay Jewelers
LEASE TYPE NNN
SQUARE FEET 1,710
PRICE/SQ FT $453
YEAR BUILT 1979
LEASE EXP. 2026
LISTING AGENT Justin Zahn
480-214-5088 x102
justin@ciadvisor.com

Property Description

Kay Jewelers has 9 years remaining on an initial 10 year NNN lease with 10% rental escalations every 5 years and two 5 year renewal options. The lease guarantor, Sterling Jewelers, Inc., is the #1 specialty jewelry brand in the US with over 900 stores! The building was fully remodeled in 2016 with updates made to the interior and exterior costing the tenant more than $250,000. Kay Jewelers is a pad site to Crossroads Mall, a 412,405 square foot, one-level shopping center anchored by Younkers and has over 40 specialty shops and services. Additionally, the Sears directly adjacent to Kay Jewelers is pending redevelopment and will make way for over 80,000 square feet of retail!

Kay Jewelers is located in Fort Dodge, Iowa, in the dominant retail corridor and has great drive-by visibility on 5th Ave S. The subject property is 2.5 miles from Iowa Central Community College Fort Dodge which offers over 45 different degrees that transfer to major universities and over 100 programs with a total enrollment of over 5,600. This location is also just miles from UnityPoint Health – Trinity Regional Medical Center with 200 beds. Nearby retailers include Walmart Supercenter, Target, Menards, Kohl’s, Hobby Lobby, ALDI, Bomgaars Supply, Marshalls, Hy-Vee, OfficeMax, Walgreens, Dollar Tree, etc.

*In Association With: The Lerner Company

Property Highlights

  • 9 Years Remaining on Initial 10 Year NNN Lease with 10% Rental Escalations every 5 Years and in Renewal Options
  • Building was Fully Remodeled (Interior & Exterior) in 2016 with over $250,000 Spent!
  • Pending Redevelopment: Sears will be Torn Down to Make Way for ±80,000 SF of Retail!
  • Demographics - Total Population: 31,765 | Average Household Income: $58,390
  • Strong Lease Guarantor: Sterling Jewelers, Inc. - #1 Specialty Jewelry Brand in the U.S. with Over 900 Stores!
  • Pad Site to Crossroads Mall - A 412,405 SF, One Level Shopping Center Anchored by Younkers w/ Over 40 Specialty Shops & Services
  • Great Drive-by Visibility on 5th Ave S with Traffic Counts of 14,100 CPD