Tenant: Cost Plus World Market
Premises: 23866 SF
Renewal Options: 1 x 5
Lease Expiration: 06/09/2022
Lease Type: NNN
Rental Increases: CPI in 2017, 15% or FMV at Option
For the first time on the market, Sands Investment Group is pleased to present for sale this Cost Plus World Market (a Bed Bath & Beyond Company) located in Torrance, CA. This absolute net lease retail investment features zero landlord responsibilities and is situated in the heart of the South Bay. With a long term successful operating history since 1977, Cost Plus invested significant capital in 2006 to extensively remodel the property. The investment consists of approximately 23,866 square feet of rentable space on approximately 1.88 acres of land. Cost Plus has approximately 8 years left on the current term with one five year option. In 2017, there is an increase based upon CPI not to exceed 15%. At the option period there is a rare increase of the greater of 15% or Fair Market Value.
Cost Plus World Market is a chain of specialty/import retail stores, selling home furniture, decor, curtains, rugs, gifts, apparel, coffee, wine, craft beer, as well as several international food products. The brand’s name originated from the initial concept, since abandoned, of selling items for “cost plus 10%”. Its current headquarters are located in Oakland, California, in the Jack London District. The company has been a subsidiary of Bed Bath & Beyond since being acquired in 2012. In February 2006, Cost Plus reported quarterly earnings of $125 million, with $367 million in revenue for the 4th fiscal quarter of 2006. Their annual earnings were $280 million with over $800 million in revenue.
