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Whole Food Market 365, South Lake Tahoe, CA

Whole Food Market 365

South Lake Tahoe, CA

Price $14,000,000
Cap Rate CALL FOR DETAILS
NOI $490,000
Lease Term 20 Years
Lease Type Net, with Tenant Responsible for Taxes, Insurance, and Maintenance, Excluding Structure and Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2019
Building Size 28,000 SF
Lot Size 4.09 Acres (178,423 SF)
Status Available
Lead Broker Information Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW LONG-TERM NNN LEASE TO STRONG CORPORATE TENANT
» Leased to Whole Foods Market for 20 years, plus six five-year option periods
» 10% rental increases every five years, providing a hedge against inflation
» Whole Foods is owned by Amazon, ranked eighth on the Fortune 500
» Whole Foods Market has an “A+” credit rating from Standard & Poor’s
» 365 By Whole Foods Market is an innovative grocery store concept that is a millennial-focused and more affordable version of regular Whole Foods stores

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Located at the signalized intersection of Ski Run Boulevard and U.S. Highway 50, South Lake Tahoe’s primary thoroughfare, with excellent visibility and access to 59,500 vehicles per day directly in front of the property
» Excellent location in South Lake Tahoe’s primary retail corridor, which features a healthy mix of local, regional, and national retailers
» Anchors new Bijou Marketplace retail development, tenanted by major national retailers

STRONG CUSTOMER BASE OF TOURISTS AND RESIDENTS
» Within walking distance of several large hotels
» Steps from Lake Tahoe and South Shore beaches
» Near Heavenly Mountain Resort, the largest and most popular of Tahoe’s ski resorts, with nearly 900,000 skier visits each year
» Approximately one mile from large resorts and casinos just over the California- Nevada state line, including Harrah’s, Hard Rock, and Montbleu
» Minutes from important community amenities, like Lake Tahoe Airport and Barton Memorial Hospital (111 beds)
» Close to large schools like Lake Tahoe Community College (4,000 students), South Tahoe Middle School (846 students), and South Tahoe High School (1,047 students)

EXCEEDINGLY WIDE TRADE AREA IN LAKE TAHOE BASIN
» Nearest Whole Foods locations are 60 Miles to the North and 80 Miles to the West

Click Here to Download Offering Memorandum


Property Description

The property is strategically located at the signalized intersection of Ski Run Boulevard and U.S. Highway 50, South Lake Tahoe’s primary thoroughfare, with excellent visibility and access to 59,500 vehicles per day directly in front of the property. Located in a dense retail and commercial corridor, the property is surrounded by notable retailers and large hotels. National tenants near the property include Safeway, CVS, Ross, Ace Hardware, and more. Several hotels are within walking distance of the property, and large resorts and casinos—like Harrah’s, Hard Rock, and Montbleu—are just over a mile away. Lake Tahoe and its beaches are just steps from the property. Also nearby is Heavenly Mountain Resort, the largest and most popular of Tahoe’s ski resorts, with nearly 900,000 skier visits each year. Additionally, the property is close to important community amenities—like Lake Tahoe Airport and Barton Memorial Hospital (111 beds)—as well as large schools like Lake Tahoe Community College (4,000 students), South Tahoe Middle School (846 students), and South Tahoe High School (1,047 students).

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