Grocery Outlet,
Ephrata, WA Investment Summary
| Price | $6,067,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | Net, with tenant responsible for all taxes, insurance, and roof and nonstructural maintenance |
| Rental Increases | 10.5% Rental Increases Every Five Years |
| Year Built | 2019 |
| Building Size | 18,000 SF |
| Lot Size | 2.00 acres (87,120 SF) |
| Status | Sold |
| Lead Brokers | Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
RARE NET LEASE TO STRONG GROCERY TENANT
» Long-term, 15-year lease with four five-year option periods
» Net lease provides ideal passive investment for an out-of-area investor
» 10.5% rental increases every five years, providing a hedge against inflation
» Grocery Outlet (NASDAQ: “GO”) is the nation’s largest extreme value grocery retailer, with more than 320 locations and over $2.29 billion in annual revenue
» Grocery Outlet’s recent IPO raised net proceeds of approximately $399.6 million, about $150 million more than initially expected
» Grocery Outlet is continuing its expansion nationally, with 32 new stores expected to open by year-end 2019
PROMINENT LOCATION IN PRIMARY RETAIL CORRIDOR
» Located on Southwest Basin Street, Ephrata’s primary thoroughfare, with excellent visibility and access to 14,000 vehicles per day
» Conveniently located in Ephrata’s main retail corridor
» Close to major national tenants, including Walmart Supercenter, Safeway, Ace Hardware, AutoZone, Rite Aid, Dollar Tree, and McDonald’s, amongst others
» Near local and regional retailers
CENTRAL LOCATION NEAR COMMUNITY AMENITIES
» Less than a mile from downtown Ephrata
» Near several schools, including Ephrata Middle School (376 students), Parkway School (322 students), and Ephrata High School (713 students)
» Close to Columbia Basin Hospital, a 25-bed critical access hospital with 171 employees
» Surrounded by residential neighborhoods, which will be served by Grocery Outlet
NEW Q4 2019 CONSTRUCTION
» High-quality construction scheduled to be completed in late 2019
» Features latest Grocery Outlet store design and concepts
Property Description
<b>Sold</b>
The property is located on Southwest Basin Street, Ephrata’s primary thoroughfare, with excellent visibility and access to 14,000 vehicles per day. The property is conveniently located in Ephrata’s main retail corridor. Several notable national retailers are near the property, including Walmart Supercenter, Safeway, Ace Hardware, AutoZone, Rite Aid, Dollar Tree, and McDonald’s, amongst others. The property is also close to local and regional retailers.
The property is centrally located less than a mile from downtown Ephrata and close to a number of important community amenities. Several schools are located nearby, including Ephrata Middle
School (376 students), Parkway School (322 students), and Ephrata High School (713 students). The property is also a short distance from Columbia Basin Hospital, a 25-bed critical access hospital with 171 employees. Additionally, the property is surrounded by residential neighborhoods, which will be served by Grocery Outlet.
