Overview
Newmark Pacific is pleased to present to qualified investors, the opportunity to acquire a high-performing, single-tenant NNN Target with over Ten (10.1) Years of primary term remaining. Target opened in 1997 and completely renovated the 128,909 square feet formerly occupied by Lucky’s. In 2016, current ownership amended and restated the lease, extending the term for 20-years. Target invested significant capital remodeling the store in 2019. The store features a full-service Target with grocery, a Starbucks Cafe, and a CVS Pharmacy, making it a “one-stop shop” for the local community.
Located in the core of Cupertino, the property benefits from regional accessibility via I-280 and SR-85, both located within a 5-minute drive. It serves as the primary retail destination for the high-density residential neighborhoods surrounding the De Anza College campus (approx. 17,000 students). This specific location has always been a “power spot” for retail in Cupertino.
As the home of Apple Inc., Cupertino maintains a global profile. The property is surrounded by major tech campuses including Apple, Seagate, Nvidia, Amazon (Lab126), and Netflix (nearby in Los Gatos/Campbell). This concentration of tech wealth drives retail sales per square foot that significantly outperform national averages.
Investment Highlights
INVESTMENT GRADE CREDIT (S&P: A)
Leased to Target Corporation (NYSE: TGT), a dominant omni channel retailer with over 1,900 stores and a market capitalization exceeding $70B.
LONG-TERM LEASE WITH EXTENSION OPTIONS
Over 10 years of primary term remaining (expires June 2036), providing stable, long-term cash flow with four (4) 10-year renewal options that can extend the tenancy through 2076.
IRREPLACEABLE “MAIN & MAIN” SILICON VALLEY REAL ESTATE
Situated at the signalized intersection of Stevens Creek Blvd. and De Anza Blvd, the two most prominent commercial thoroughfares in Cupertino, with combined traffic counts exceeding 75,000 VPD.
PROXIMITY TO APPLE PARK (WORLD HQ)
Located less than 1.5 miles from Apple Park, Apple’s 2.8M SF global headquarters which houses over 12,000 employees. This proximity ensures a constant daytime population of high-earning professionals.
UPDATED FACILITY
Target executed a complete remodel and renovation of the store in 2019.
EXCEPTIONAL DEMOGRAPHICS
Cupertino is one of the wealthiest enclaves in the U.S., featuring a median household income exceeding $200,000 within a 3-mile radius and a highly educated population (80%+ with bachelor’s degrees).
SUPPLY-CONSTRAINED MARKET
Extremely high barriers to entry with minimal vacant land and rigorous zoning requirements, ensuring the long-term residual value of the 128,909 SF building and underlying land.
100% PASSIVE "ABSOLUTE NNN" STRUCTURE
This is a true “hands-off” investment with Zero Landlord Responsibilities. The tenant is responsible for all expenses, including real estate taxes, insurance, and the maintenance, repair, and replacement of the roof, structure, and parking lot.
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