x
By submitting, you're allowing YAFC Team to email you regarding available listings. You can unsubscribe anytime.

x

Grocery Outlet, Cheney, WA

Grocery Outlet

Price $6,354,000
Cap Rate 6.00%
NOI $381,210
Lease Term 15 Years
Lease Type Net, with Tenant Responsible for all Taxes, Insurance, Roof, and Nonstructural Maintenance
Rental Increases 10.5% Rental Increases Every Five (5) Years and a 13.34% Increase in Option 5
Year Built 2019
Building Size 16,456 SF
Lot Size 1.36 Acres (59,242 SF)
Status Available
Lead Broker Information 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 five five-year option periods
» Net lease provides ideal passive investment for an out-of-area investor
» 10.5% rental increases every five years in initial term and option, plus a 13.34% increase in Option 5, 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

HIGH-TRAFFIC LOCATION IN PRIMARY RETAIL CORRIDOR
» Located on First Street, Cheney’s primary thoroughfare, with excellent visibility and access to 18,000 vehicles per day
» First Street runs concurrently with State Route 904, which provides access to Interstate 90, the main highway through the Spokane area
» Close to several notable national retailers, including Safeway, Dollar Tree, Ace Hardware, O’Reilly Auto Parts, McDonald’s, Starbucks, Verizon, and many others

CENTRAL LOCATION NEAR MAJOR SCHOOLS AND EMPLOYERS
» Close to Eastern Washington University, the centerpiece of Cheney’s academic and cultural environment
» Eastern Washington University has a total enrollment of 13,453 students and employs 1,370 staff members, making it the largest employer in Cheney
» Near several of Cheney’s other schools, including Betz Elementary School (421 students), Cheney Middle School (487 students), and Cheney High School (1,220 students)

NEW Q4 2019 CONSTRUCTION
» High-quality construction scheduled to be completed in late 2019
» Features latest Grocery Outlet store design and concepts



Property Description

The property is located on First Street, Cheney’s primary thoroughfare, with excellent visibility and access to 18,000 vehicles per day. First Street runs concurrently with State Route 904, which provides access to Interstate 90, the main highway through the Spokane area. The property is conveniently located on Cheney’s main retail corridor. Several notable national retailers are near the property, including Safeway, Dollar Tree, Ace Hardware, O’Reilly Auto Parts, McDonald’s, Starbucks, Verizon, and many others.

The property is close to Eastern Washington University, the centerpiece of Cheney’s academic and cultural environment. Eastern Washington University has a total enrollment of 13,453 students and employs 1,370 staff members, making it the largest employer in Cheney. The property is also near several of Cheney’s other schools, including Betz Elementary School (421 students), Cheney Middle School (487 students), and Cheney High School (1,220 students).

Contact Us About This Property

Ryan & Vince Form
Sending
JOIN OUR
EMAIL LIST
SUBSCRIBE
Receive Our Latest Single and Multi-Tenant Listings
close-link