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

x

Grocery Outlet, Colville, WA

Grocery Outlet

Price $3,848,000
Cap Rate 7.25%
NOI $278,900
Lease Term 15 Years
Lease Type Net, with Tenant Tesponsible for all Taxes, Insurance, Roof, and Maintenance, Excluding Structural Systems
Rental Increases 10.4% Rental Increases Every Five Years
Year Built 2017
Building Size 26,750 SF
Lot Size 2.27 acres (98,881 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

LONG-TERM LEASE TO STRONG GROCERY TENANT
» Long-term, 15-year lease with three five-year option periods
» Grocery Outlet extended its lease an additional five years after strong store level opening
» 10.4% rental increases every five years, providing a hedge against inflation
» Established local customer base due to long-standing history in the Colville market
» Grocery Outlet is the nation’s largest extreme value grocery retailer, with more than 300 locations and over $2 billion in annual revenue
» Grocery Outlet is expanding nationally, with 40 new stores scheduled to open in 2019
» Rents are 25% below new built-to-suit, providing lower risk and higher store level profits
» Colville Hardware leases 4,147 SF for extra storage space for their adjacent retail site at CAM expense, only providing future rental upside for new ownership

PROMINENTLY LOCATED ON PRIMARY THOROUGHFARE
» Located on South Main Street, Colville’s primary thoroughfare, with excellent visibility and access to 13,000 vehicles per day
» Main Street runs concurrently with U.S. Highway 395, which serves as the main route connecting Colville with Spokane and its suburbs
» Close to major national tenants, including Walmart Supercenter, Safeway, McDonald’s, Dollar Tree, AT&T NAPA Auto Parts, Les Schwab Tire Center, Chase, KeyBank, Goodwill, Toyota, Carquest, RadioShack, and Sears Hometown Store, amongst others
» Near local and regional retailers located a few blocks away in downtown Colville

CENTRAL LOCATION NEAR COMMUNITY AMENITIES
» Across from Spokane Community College, which has approximately 300 students enrolled at its Colville campus
» Less than a mile from Providence Mount Carmel Hospital, a 25-bed critical access hospital serving a three-county area in Northeast Washington

EXTENSIVE 2017 RENOVATION
» Complete renovation totaling over $2 million
» Renovation included new roof; structure; truck well and dock seals; electric, gas, and plumbing systems; concrete slabs; structural walls; and sealing, coating, and paving the parking lot



Property Description

The property is located on South Main Street, Colville’s primary thoroughfare, with excellent visibility and access to 13,000 vehicles per day. Main Street runs concurrently with U.S. Highway 395, which serves as the main route connecting Colville with Spokane and its suburbs. The property is conveniently located on Colville’s main retail corridor. Several notable national retailers are near the property, including Walmart Supercenter, Safeway, McDonald’s, Dollar Tree, AT&T NAPA Auto Parts, Les Schwab Tire Center, Chase, KeyBank, Goodwill, Toyota, Carquest, RadioShack, and Sears Hometown Store, amongst others. The property is also close to local and regional retailers located a few blocks away in downtown Colville.

The property is close to a number of important community amenities. The property is across from Spokane Community College, which has approximately 300 students enrolled at its Colville campus. Less than a mile from the property is Providence Mount Carmel Hospital, a 25-bed critical access hospital serving a three county area in Northeast Washington. Both Colville Municipal Airport—which serves private charter aircraft—and Colville High School—which has a total enrollment of 560 students—are just over a mile from the property. Popular recreational areas are also nearby, including Dominion Meadows Golf Course, the Colville National Forest, and the Columbia River.

Contact Us About This Property

JOIN OUR
EMAIL LIST
SUBSCRIBE
Receive Our Latest Single and Multi-Tenant Listings
close-link