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US Foods (CHEF’STORE), Helena, MT

US Foods (CHEF’STORE), Helena, MT


Investment Summary

Price $6,089,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type NNN Lease, Landlord Is Responsible For Roof And Structure - There Is A New 20-Year Roof Warranty In Place
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2023
Building Size 20,004 SF
Lot Size 1.72 Acres
Status Closed
Lead Brokers Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

Investment Highlights

2023 CONSTRUCTION 15-YEAR CORPORATE NNN LEASE GUARANTEED BY US FOODS, INC. (NYSE: USFD)
» New high-quality 2023 construction built to latest CHEF’STORE’s prototype
» 15-year NNN corporate lease with 10% rental increases every five years
» Guaranteed by US Foods, Inc.
» US Foods (NYSE: USFD) revenue for fiscal year 2022 was $33.2B, up 18.5% from 2021
» In March 2020, US Foods purchased Smart Foodservice Warehouse Stores for $970M (rebranded to CHEF’STORE)
» CHEF’STORE has 85+ locations nationwide and is in rapid expansion mode

PRIME LOCATION AT THE CONFLUENCE OF MAJOR HELENA THOROUGHFARES
» Located just off the off-ramp of I-15 and Custer Avenue interchange (45,886 vehicles per day)
» Adjacent to future 288-unit, 11-acre multi-family development, which will drive customer activity to the site
» 1.5 miles from Helena Regional Airport, providing further customer traffic to the site

STRONG RETAIL SYNERGY SURROUNDED BY AFFLUENT POPULATIONS
» Located in a strong retail corridor and surrounded by many national tenants including Target, Costco, Home Depot, Harbor Freight Tools, Lowes, Hobby Lobby, Albertson’s TJ Maxx, and several high-traffic restaurants
» Over 15% population growth within a five-mile radius from 2010-2022 (with strong future growth projections)
» Affluent population with an average annual household income of $90,042 within five miles of the site

INFLATION/RECESSION RESISTANT PRODUCT TYPE
» Wholesale food and restaurant supplies business model allows for customers to purchase goods at hyper-competitive pricing, providing price relief in inflationary/recessionary environments
» Unlike other wholesale providers, no membership is required to purchase thousands of food products

Property Description

SOLD

» Located just off the off-ramp of I-15 and Custer Avenue interchange providing access to 45,886 combined vehicles per day
» Within a strong retail corridor and surrounded by many national tenants including Target, Costco, Home Depot, Harbor Freight Tools, Lowes, Hobby Lobby, Albertson’s TJ Maxx, and several high-traffic restaurants
» Affluent location supported by 48,236 residents with an average annual household income of $90,042 within five miles
» Located in the sought-after Mountain West city of Helena, MT with strong average household incomes and projected population growth
» Lease guaranteed by US Foods, Inc. US Foods (NYSE: USFD) has a market cap of over $8.25B
» The wholesale food and restaurant supplies business model allow for customers to purchase goods at hyper-competitive pricing

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