Grocery Outlet,
Bishop, CA Investment Summary
| Price | $8,600,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Structure |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | 2019 |
| Building Size | 20,000 SF |
| Lot Size | 1.67 Acres (72,745.2 SF) |
| Status | Sold |
| Lead Brokers | Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
LONG-TERM NNN LEASE TO STRONG GROCERY TENANT
» Long-term, 15-year NNN lease with three five-year option periods
» Top-performing store with excellent sales reported
» NNN lease provides ideal passive investment for an out-of-area investor
» 10% rental increases every five years, providing a hedge against inflation
» Grocery Outlet is the nation’s largest extreme value grocery retailer, with more than 300 locations and over $2 billion in annual revenue
» Grocery Outlet is continuing its expansion nationally, with 40 new stores scheduled to open by the end of 2019
HIGH-TRAFFIC LOCATION AT FOUR-WAY INTERSECTION
» High-traffic location in prominent retail area, with excellent visibility and access to 30,100 vehicles per day
» Hard corner location along U.S. Highway 395, a major north-south thoroughfare connecting Washington, Oregon, Nevada, and California
» Minutes from Bishop Union High School, Home Street Middle School, Bishop Elementary School, and Pine Tree Elementary School, which have an enrollment total of 2,085+ students
CENTRAL LOCATION NEAR COMMUNITY AMENITIES AND TOURIST ATTRACTIONS
» Prime location at the confluence of Yosemite National Park, Sierra National Forest, Death Valley National Park, Inyo National Forest, Mammoth Mountain, and Sequoia National Park (combined 14.6 million annual visitors, $1.4+ billion annual economic impact)
» Within 1.5 miles of 21 hotels and lodges
» Surrounded by a healthy mix of local and regional retailers, as well as several national tenants
NEW 2019 CONSTRUCTION
» High-quality construction completed in 2019
» Features latest Grocery Outlet store design and concepts
Property Description
SOLD
The property is strategically located at the most heavily trafficked intersection in Bishop, the four-way intersection of U.S. Highway 396/Wye Road and U.S. Highway 6/North Main Street, with excellent visibility and access to 30,100 combined vehicles per day. U.S. Highway 395 is a major north-south thoroughfare connecting Washington, Oregon, Nevada, and California. Located in Bishop’s primary retail area, the property is surrounded by a healthy mix of local and regional retailers, as well as several national tenants, including Vons, Starbucks, Taco Bell, McDonald’s, and Rite Aid.
Centrally located in Bishop, the property is close to important community amenities and popular recreational areas. The site resides at the confluence of Yosemite National Park, Sierra National Forest, Death Valley National Park, Inyo National Forest, Mammoth Mountain, and Sequoia National Park. Combined, these attractions draw 14.6 million annual visitors and create $1.4+ billion of annual economic impact. Additionally, the property is surrounded by 21 hotels and lodges within a 1.5-mile radius, which will be served by Grocery Outlet. It is also close to Bishop Union High School, Home Street Middle School, Bishop Elementary School, and Pine Tree Elementary School, which have an enrollment total of 2,085+ students.
