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Whole Foods Market, Northeast, US

Whole Foods Market

United States,

Price Confidential
Cap Rate
NOI
Lease Term 20 Years
Lease Type NNN, with tenant responsible for all expenses and maintenance, excluding roof and structure (20-year roof warranty)
Rental Increases 10% Rental Increases Every 5 Years Throughout Intial Term and Option Periods
Year Built 2017
Building Size 39,510 SF
Lot Size 5.29 Acres (230,653 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Fain Hicks
Senior Director
404.682.3387
fain.hicks@cushwake.com

Cushman and Wakefield Inc. LIC. # 00616335

Investment Highlights

RARE SINGLE TENANT WHOLE FOODS MARKET OFFERING
» America’s #1 organic food market recently acquired by Amazon for $13.7 billion
» Recent major upgraded ratings – (S+P “A+”)
» Whole Foods Market draws from larger than average trade area and attracts best-in-class co-tenants
» One of only three Whole Foods Market locations serving the entire MSA

HIGHLY ATTRACTIVE LEASE STRUCTURE
» 20 year initial term commenced in January 2017
» 10% rental increases every five years throughout initial term and option periods
» Favorable NNN structure resulting in minimal Landlord responsibilities (Landlord responsible for roof and structure – 20-year roof warranty)

DENSE AND AFFLUENT DEMOGRAPHIC PROFILE
» 636,000 residents within a 10-mile radius (Whole Foods Market trade area)
» Average Household Incomes of $122,546 and $102,367 within a one and three-mile radius respectively
» Workforce is 79% White Collar

INFILL/HIGH BARRIER TO ENTRY TRADE AREA
» Lack of available land, established commercial uses, challenging topography and onerous zoning controls result in no available development sites along the Washington Road corridor
» Over 2.5 million square feet of multi-tenant retail inventory within a one-mile radius
» Situated at one of Pittsburgh’s busiest suburban gateway intersections with combined daily traffic counts on Washington Road and Fort Couch Road exceeding 55,000 VPD

OUTSTANDING RETAIL MARKET FUNDAMENTALS
» Overall retail occupancy within a three-mile radius is 97%
» There are no available boxes greater than 10,000 sf within a 3-mile radius of Whole Foods
» Limited organic grocer competition

Click Here to Download Offering Memorandum


Property Description

SOLD

Whole Foods Market at Siena at St. Clair is located at the northwest corner of the signalized intersection of Washington Road and Siena Drive, with excellent visibility and access to over 31,000 vehicles per day. Washington Road serves as one of the main arteries through Pittsburgh’s affluent south side, running from Interstate 79 directly into the city. Located in a dense retail corridor, the property is directly across from South Hills Village, the dominant enclosed shopping mall in the region. South Hills Village is anchored by Target, Dick’s Sporting Goods, Macy’s, and Sears and features over 130 specialty stores, including American Eagle Outfitters, Hollister, J.Crew, Loft, Banana Republic, and an Apple store.

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