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Grocery Outlet, Brookings, OR

Grocery Outlet

OR, USA

Price $4,680,000
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 2020
Building Size 30,355 SF
Lot Size ±1.86 Acres (81,310 SF)
Status Sold
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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 NET LEASE TO STRONG GROCERY TENANT
» 15-year net lease with five (5) five-year option periods
» Net lease provides an ideal passive investment for an out-of-area investor
» 10% rental increases every five years, providing a hedge against inflation
» Relocated from a highly successful Grocery Outlet site two miles away, establishing a strong current customer base for the location
» Grocery Outlet is the nation’s largest extreme value grocery retailer, with more than 320 locations and over $2.29 billion in annual revenue
» Grocery Outlet is continuing its expansion nationally, with over 30 new
stores in 2019
» 15-year successful operation history in marketplace

HIGH-VISIBILITY LOCATION ALONG MAJOR OREGON THOROUGHFARE ACROSS THE STREET FROM REGIONAL DRAWING FRED MEYER
» High-visibility and signalized corner parcel location in prominent Brookings corridor, with access to 29,700 vehicles per day directly in front of the location
» Located along U.S. Route 101, a major north-south thoroughfare connecting Washington, Oregon, and California
» One mile from the Pacific Ocean, increasing commuter traffic and visibility to the site
» Projected 10 percent average annual household income increase within five miles of the site in the next five years, poising Brookings and Grocery Outlet for significant growth

CENTRAL LOCATION NEAR COMMUNITY AMENITIES AND TOURIST ATTRACTIONS
» 1.5 miles from Harris Beach State Park, a 174-acre destination with an annual day-use attendance of more than 930,000 visitors
» Within walking distance of seven hotels, significantly increasing foot traffic to the location
» Only Grocery Outlet location within 27 miles of the property
» 2.5 miles from Brookings Airport, which experiences an average of approximately 22,000 aircraft operations annually
» Surrounded by a strong mix of national and regional retailers, including regional Fred Meyer store, McDonald’s, Burger King, KFC, Dutch Bros Coffee, Chase Bank, and more
» Located in the area’s regional shopping district

EXTENSIVE CONSTRUCTION REMODEL COMPLETED IN 2020
» High-quality remodel completed in 2020
» Features latest Grocery Outlet store design and concepts


Property Description

SOLD

The property is strategically located on a signalized corner-parcel along U.S. Route 101, a high visibility site along Brookings’ most prominent corridor, with access to 29,700 vehicles per day directly in front of the location. U.S. Route 101 is a major north-south thoroughfare connecting Washington, Oregon, and California. The property is relocated from a highly successful Grocery Outlet site two miles away, where Grocery Outlet had successfully operated for 15 years, establishing a strong current customer base for this location. Visibility is increased by the site’s location within one mile of the Pacific Ocean, greatly increasing commuter traffic and visibility to the site. The property’s value is primed to grow along with the surrounding area, with a projected 10 percent average annual household income increase within five miles of the site in the next five years.

Centrally located in Brookings, the property is close to important community amenities and popular recreational areas. The site is 1.5 miles from Harris Beach State Park, a 174-acre destination with an annual day-use attendance of more than 930,000 visitors. The property also benefits from being conveniently located right across the street from a very busy regional Fred Meyer. The location also resides 2.5 miles from Brookings Airport, which experiences an average of approximately 22,000 aircraft operations annually. Located in Brookings’ primary retail area, the property is surrounded by a healthy mix of local and national retailers, including a regional Fred Meyer store, McDonald’s, Burger King, KFC, Dutch Bros Coffee, Chase Bank, and more. Additionally, the property is within walking distance of seven hotels and lodges, which will be served by Grocery Outlet. It is also the only Grocery Outlet location within 27 miles of the property.

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