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Grocery Outlet, Cameron Park, CA

Grocery Outlet, Cameron Park, CA


Investment Summary

Price $8,000,000
Cap Rate
NOI
Lease Term 15 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding structure
Rental Increases 10% rental increases every five (5) years
Year Built 2023
Building Size 16,000 SF
Lot Size 1.94 acres (84,363 SF)
Status Closed
Lead Brokers Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 15-YEAR CORPORATE NET LEASE TO A STRONG AND GROWING GROCERY TENANT
» 15-year net lease to Grocery Outlet (NASDAQ: “GO”)
» 10% rental increases every five (5) years
» Grocery Outlet is the nation’s largest extreme value grocery retailer, with more than 444 locations in eight states and $3.58 billion in annual revenue
» Grocery Outlet opened 27 new stores in fiscal 2022, including 10 in the fourth quarter
» In fiscal 2022, net sales increased by 18.9% to $930.8 million during the fourth quarter
» Q1 2023 continued strong earnings with net sales increasing by 16.1% along with Company wide raised guidance for fiscal 2023
» High-quality 2023 construction

PROMINENT LOCATION NEAR MAJOR CALIFORNIA THOROUGHFARE WITH 71K DAILY VEHICLES
» Only neighborhood grocery store within the residential hub of Cameron Park and true 360 degree trade area
» High-visibility and easily accessible location along Green Valley Road (12,874 AADT) near the busy Cameron Park Drive signalized intersection (19,536 AADT)
» Beneficial proximity to U.S. 50/El Dorado Freeway, a major California highway that sees an average of over 71,000 daily vehicles
» Within one of the growing retail corridors in Cameron Park near notable tenants such as CVS, Starbucks, Domino’s Pizza, Jamba, and Mountain Mike’s Pizza, attracting significant crossover shopping to the location

WELL-POSITIONED TO MEET THE GROWING DEMAND FOR AFFORDABLE GROCERY OPTIONS IN THE AREA
» Only Grocery Outlet within a 20-minute drive from the location with few other grocery stores in and near the immediate area, creating limited competition in the local market
» Affluent area with an average annual household income of $178,151 within a five-mile radius and projected to increase 14% by 2028
» Supported by 63,471 residents within five miles (7% growth since 2010)
» 1.6 miles from Cameron Airpark and less than one hour from Mather Airport, Sacramento McClellan Airport, and Sacramento International Airport
» Gateway to Sacramento (528,001 population), the sixth-most populous city in California and part of the third fastest growing MSA in California, with a projected growth of 55.4%over the next 30 years

Property Description

SOLD

» Prime Retail Location: High visibility location along Green Valley Road (12,874 AADT) near the busy Cameron Park Drive (19,536 AADT) intersection, attracting a significant daily traffic volume. Additionally, the property is positioned within a growing retail area, near popular tenants such as CVS, Starbucks, Domino’s Pizza, Jamba, and Mountain Mike’s Pizza, allowing the site to capture crossover shoppers
» Proximity to Major Highway: Benefits from proximity to U.S. 50/El Dorado Freeway, ensuring exposure to a steady stream of over 71,000 vehicles daily
» Surrounded by Educational Institutions and Residential Units: Less than one mile from Green Valley Elementary School and the Rescue Union School District office, and within walking distance to three large apartments with access to dense residential communities in the surrounding area
» Affluent Community Poised For Growth: This area is supported by 63,471 residents with an average annual household income of $178,151 within a five-mile radius and is projected to increase 14% to$202,126 by 2028, indicating strong economic growth within the community. Additionally, the location is a gateway to Sacramento, the sixth-most populous city in California, and part of the third fastest-growing Metropolitan Statistical Area (MSA) in the state. The MSA is projected to achieve a remarkable growth of 55.4% over the next 30 years, offering long-term opportunities for businesses in the region

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