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Nugget Markets, Elk Grove, CA

Nugget Markets

Elk Grove, CA

Price $15,380,000
Cap Rate 5.35%
NOI $822,800
Lease Term CALL FOR DETAILS
Lease Type NNN, including roof. Landlord responsible for roof
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2003
Building Size 52,987 SF
Lot Size 5.43 Acres (236,531 SF)
Status Available
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vince Aicale
Executive Director
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

Cushman and Wakefield Inc. LIC. # 00616335

Investment Highlights

RARE NNN LEASE TO STRONG GROCERY TENANT
» Long-term lease to popular upscale grocer – successfully operating since 1926
» NNN lease requires minimal landlord management (roof structure only), providing the ideal investment for a passive or out-of-area investor
» Rare grocer with 10% rental increases every five years, providing a hedge against inflation
» Strong performing store and strong NOI growth

HIGH-TRAFFIC LOCATION NEAR MAJOR RETAILERS
» Located at the signalized intersection of Elk Grove Boulevard and Bruceville Road, with excellent visibility and access to 86,000 vehicles per day
» Anchor to Laguna Promenade, tenanted by major national retailers, including Rite Aid, T-Mobile, Mattress Firm, Edible Arrangements, Little Caesars, and others

CLOSE PROXIMITY TO MAJOR NEW DEVELOPMENTS
» Across from new Costco-anchored shopping center (under development)
» Within walking distance of 28-acre Dignity Health medical campus development, which will include a 330-bed hospital
» Minutes from The Outlet Collection at Elk Grove, a regional mall with 1.3 million square feet of retail space, and Wilton Rancheria, a resort and casino project that will include a 302-room hotel
» Near Apple’s Elk Grove campus, which is currently undergoing a major expansion that could add several thousand new jobs
» Multiple residential developments planned or underway to the south of the property

LARGE, AFFLUENT CUSTOMER BASE
» Surrounded by affluent neighborhoods, with an average household income of $103,866 within a one-mile radius of the property
» 249,389 residents with an average household income of $91,381 live within a five-mile radius, providing an excellent customer base

Click Here to Download Offering Memorandum


Property Description

The property anchors Laguna Promenade, a shopping center located at the signalized intersection of Elk Grove Boulevard and Bruceville Road, with excellent visibility and access to 86,000 vehicles per day. Laguna Promenade is home to several complimentary retailers and notable national tenants, including Rite Aid, Edible Arrangements, Mattress Firm, Beach Hut Deli, and T-Mobile, among others. The property is located directly across from Elk Grove Commons, a large retail plaza anchored by Kohl’s, HomeGoods, Cost Plus World Market, and Trader Joe’s. Other major retailers in the surrounding area include Walmart, Target, Home Depot, Petco, Big 5 Sporting Goods, CVS, and several car dealerships at the Elk Grove Auto Mall.

The property is centrally located near large schools and employers. Cosumnes River College, a community college with over 15,000 students, is minutes from the property. Many elementary, middle, and high schools are located within walking distance of the property, including Franklin High School and Toby Johnson Middle School, which have a combined enrollment of 4,238 students. The property is also close to Apple’s Elk Grove campus. Apple employs more than 3,000 people at this campus, which is undergoing a major expansion that could create several thousand new jobs. Additionally, the property is located amongst wealthy residential neighborhoods; the average household income within a one-mile radius of the property is $103,866, and 249,389 residents with an average household income of $91,381 live within five miles, providing an excellent customer base.

Several major development projects are scheduled or currently underway near the property. The Ridge at Elk Grove, a Costco-anchored shopping center, is across from the property. Directly adjacent to The Ridge at Elk Grove is Dignity Health, a 28-acre medical campus with a 330-bed hospital. The Outlet Collection at Elk Grove, a regional mall with 1.3 million square feet of retail space, and Wilton Rancheria, a resort and casino project that will include a 302-room hotel, are also located nearby. Additionally, the area to the south of the property is home to several housing developments; residents of these developments will be served by Nugget Markets.

Contact Us About This Property

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