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Grocery Outlet, Lake Isabella, CA

Grocery Outlet

CA, USA

Price $6,680,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type Net, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Structure
Rental Increases 10.5% Rental Increases Every Five (5) Years
Year Built 2019
Building Size 18,000 SF
Lot Size 1.80 acres (78,408 SF)
Status Under Contract
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, 15-year NNN lease with four five-year option periods
» NNN lease provides ideal passive investment for an out-of-area investor
» 10.5% rental increases every five years, 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
» Recently upgraded to a B-1 rating by Moody’s
» 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
» Excellent visibility and access to 10,337 vehicles per day on Lake Isabella Boulevard, the city’s primary retail corridor
» Immediate access to State Route 178, the primary highway between Bakersfield and the Lake Isabella reservoir
» Surrounded by a healthy mix of local and regional retailers, as well as several national tenants

CENTRAL LOCATION NEAR COMMUNITY AMENITIES AND TOURIST ATTRACTIONS
» Located in downtown Lake Isabella
» Near both Woodrow W. Wallace Middle School and Kern Valley High School, which have a combined enrollment of 873 students
» Minutes from several recreational areas, including Lake Isabella, one of the largest reservoirs in California
» Close to the Sequoia National Forest and the Kern River, a popular spot for whitewater rafting
» Area is a mecca for hikers, boaters, water skiers, fishermen, birders, hunters, windsurfers,
kayakers, and other outdoor recreationists

2019 CONSTRUCTION
» High-quality construction completed in 2019
» Features latest Grocery Outlet store design and concepts
» New building, limiting near-term deferred maintenance or capital costs


Property Description

SOLD

The property is strategically located on Lake Isabella Boulevard, with excellent visibility and access to 10,337 vehicles per day. The property enjoys immediate access to State Route 178, the primary highway between Bakersfield and the Lake Isabella reservoir. Lake Isabella Boulevard serves as the city’s primary retail corridor, and the property is surrounded by a healthy mix of local and regional retailers, as well as several national tenants, including True Value, Taco Bell, Subway, and Shell. The property is also a short distance from Kern Valley Plaza, anchored by Vons and featuring Rite Aid, Family Dollar, Starbucks, Burger King, and several others.

Centrally located in downtown Lake Isabella, the property is close to important community amenities and popular recreational areas. The property is near both Woodrow W. Wallace Middle School and Kern Valley High School, which have a combined enrollment of 873 students. Several recreational areas are just minutes from the property, including Lake Isabella, one of the largest reservoirs in California. The lake is open to many activities, including fishing, boating, camping, windsurfing, and water skiing. The property is also close to the Sequoia National Forest and the Kern River, a popular spot for whitewater rafting. Additionally, the property is surrounded by residential neighborhoods, which will be served by Grocery Outlet.

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