Newberg, OR - Grocery Outlet
$3,456,000
1510 E. Portland Road, Newberg, OR 97132
6
Cap Rate
207,333
NOI
Details:
Description:
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN, freestanding, corporate guaranteed (NASDAQ: GO) Grocery Outlet investment property located in Newberg, Oregon (Portland MSA). The tenant, Grocery Outlet Inc., recently exercised a 10 year lease extension with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Grocery Outlet is a high-growth, value retailer operating more than 540 independently operated stores across 16 states, including approximately 80 locations throughout Oregon and Washington. The site is among the top performing brand locations in the state, ranking in the top 86th percentile with approximately 350K annual visits (Placer.ai).
The subject property benefits from significant frontage with excellent visibility and access at a signalized, hard corner intersection along E. Portland Road (35,100 VPD). The thoroughfare serves as Newberg’s primary commercial corridor and the main arterial connecting the city to Portland, 25 miles to the northeast. The tenant benefits from proximity to Newberg’s three largest institutional employers including A-dec, a leading manufacturer of dental equipment, founded in Newberg in 1964 and employing 900+ people locally, Providence Newberg Medical Center, the area’s primary healthcare provider, and George Fox University, Oregon’s largest private university with 3,000+ students across its main Newberg campus. These three employers anchor a stable, year-round daytime population base that directly supports the trade area’s grocery demand. Newberg serves as the gateway to Oregon’s Willamette Valley wine country, one of the most notable wine regions in the western
U.S. Wine country tourism generates consistent seasonal visitor traffic, supplementing the established local consumer base. The 5-mile trade area is supported by a population of 38,658 residents and 12,305 employees with an average household income of $138,879.
Location
Gallery
