Corporate-Guaranteed Kohl’s Lease (NYSE: KSS)
– Kohl’s (NYSE: KSS) is a leading omnichannel retailer with 1,175+ locations in 49 states. As of 2026, Kohl’s Corporation holds an S&P credit rating of ‘B+’ and a Moody’s rating of ‘B2’.
– In 2025, Kohl’s generated $15.4 billion in annual revenue, the second highest among U.S. department store retailers, behind Macy’s and ahead of Nordstrom, Burlington and Dillard’s (Yahoo Finance).
28+ Year Operating History with Continued Commitment & 2022 Roof Replacement
– Kohl’s has operated at the property since 1998 and exercised its first five-year renewal option in 2024, demonstrating continued commitment to the site. Kohl’s also recently expanded its onsite offering with the addition of Sephora.
– In 2022, the landlord completed a $295,000 full roof replacement.
Attractive 9.00% Going-In Yield with Contractual Rent Growth & Percentage Rent Upside
– In addition to base rent, Kohl’s is obligated to pay percentage rent equal to 2.00% of annual sales exceeding $21.6 million.
– Option rents increase to $1,348,500, $1,441,500 and $1,534,500, equating to approximately 9.67%, 10.33% and 11.00% yields on the $13.95 million asking price, respectively.
Adjacent to Monroeville Mall | Acquired by Walmart in 2025
– Walmart acquired the 1.2-million-square-foot Monroeville Mall in 2025 and subsequently disclosed plans to redevelop the property into a modern, mixed-use destination designed to
strengthen the regional economy.
Premier Retail Corridor | Pittsburgh MSA Location
– Located roughly 10 miles east of Pittsburgh with 590,000+ residents within 10 miles, the property benefits from direct regional highway connectivity and traffic counts exceeding 31,000 VPD on William Penn Highway and 63,000 VPD on nearby I-376.
– The surrounding retail corridor includes Sam’s Club, Home Depot, Lowe’s, Target, Best Buy, Giant Eagle, Macy’s, Dick’s Sporting Goods, Cinemark, and more. The University of Pittsburgh Medical Center (156 beds) is also along the corridor.
9.54-Acre Site | Below-Market Rent & Below Replacement Cost
– Kohl’s pays approximately $13.50/SF, compared with average surrounding retail rents of $15.73/SF.
– Offered at approximately $150/SF, the property sits on 9.54 acres within an established Pittsburgh MSA retail corridor, providing meaningful underlying real estate value.
