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Grocery Outlet, Mammoth Lakes, CA

Grocery Outlet

Price $8,280,000
Cap Rate 5.00% return
NOI $414,000
Lease Term 11 years and 6 months
Lease Type NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Structure
Rental Increases 10% rental increases every five (5) years
Year Built 2019
Building Size 18,000 SF
Lot Size 2.30 acres (100,188 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 NNN LEASE TO STRONG GROCERY TENANT
» Long-term, 11.5-year lease with three five-year option periods
» NNN lease provides ideal passive investment for an out-of-area investor
» 10% rental increases every five years, providing a hedge against inflation
» Grocery Outlet is the nation’s largest extreme value grocery retailer, with more than 330 locations and over $2.2 billion in annual revenue
» Grocery Outlet is continuing its expansion nationally, with 40 new stores scheduled to open in 2019
» Grocery Outlet recently announced its plans to go public and has filed for an IPO

HIGH-TRAFFIC LOCATION IN PROMINENT RETAIL AREA
» High-traffic location in prominent retail area, with excellent visibility and access to 24,900 vehicles per day
» Located just off the main intersection of Main Street (Highway 203) and Old Mammoth Road, the primary intersection in Mammoth Lakes
» Excellent visibility and access to Mammoth Lakes’ 2.8 million visitors per year
» Market-dominant store which out-positions Vons, the only other major grocery store in Mammoth Lakes

CENTRAL LOCATION NEAR COMMUNITY AMENITIES AND TOURIST ATTRACTIONS
» Near Mammoth Mountain Ski Area, the most visited ski resort in California and the third most visited resort in the U.S., with approximately 1,128,500 skier visits each year
» Surrounded by residential neighborhoods, which will be served by Grocery Outlet
» Mammoth Mountain Ski Area is now a part of Alterra Mountain Company’s Ikon Pass—a season pass that provides access to all Alterra ski resorts—which is expected to bring in additional visitors

NEW 2019 CONSTRUCTION
» High-quality, new construction completed in early 2019
» Features latest Grocery Outlet store design and concepts
» Trophy property in market with high barriers to entry, providing a long-term advantage to the subject property



Property Description

The property is strategically located at the primary intersection in Mammoth Lakes, the signalized intersection of Main Street (Highway 2013) and Old Mammoth Road, with excellent visibility and access to 24,900 vehicles per day. Located in Mammoth Lakes’ primary retail area, the property is surrounded by a healthy mix of local and regional retailers, as well as several national tenants, including Rite Aid, Vons, Shell, Motel 6, and Starbucks. Notably, the property out-positions Vons, the only other major grocery store in Mammoth Lakes, which is located in an inferior position south of the property on Old Mammoth Road.

Centrally located in downtown Mammoth Lakes, the property is close to important community amenities and popular recreational areas. Mammoth Lakes is visited by 2.8 million people per year, 1.3 million in the winter and 1.5 million in the summer. The primary tourist attraction in the area is the Mammoth Mountain Ski Area, located just minutes from the property. With approximately 1,128,500 skier visits each year, Mammoth Mountain is the most visited ski resort in California and the third most visited resort in the U.S. In addition to the Mammoth Mountain Ski Area, the property is located inside Inyo National Forest, which is a popular place for hiking, fishing, and camping. Other recreational areas near the property include several golf courses. Important community amenities are also nearby; the property is within walking distance of both Mammoth Hospital—the only hospital in a 36-mile radius—and the campuses of Mammoth’s elementary, middle, and high schools, which have a combined enrollment of approximately 1,200 students. Additionally, the property is surrounded by residential neighborhoods, which will be served by Grocery Outlet.

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