Overview

Description

SRS National Net Lease Group is excited to present a remarkable investment opportunity to acquire the fee simple interest (land & building ownership) of the absolute NNN Grocery Store Tops Friendly Market property located in Erie, PA. The tenant, Tops Friendly Market, has occupied the site for over 28 years and currently has 6 years remaining on its lease, along with 10 (5-year) renewal options. During the initial renewal period, the rent will experience an immediate 24.5% increase, with subsequent annual increases of 1% throughout the lease’s duration, growing NOI and hedging against inflation. The site enjoys robust, upward-trending sales exceeding $375 per square foot, a strong indicator of continued occupancy. The lease structure is absolute NNN, relieving the landlord of any responsibilities, rendering it an ideal, hands-off investment opportunity. Tops Friendly Market, a well-known supermarket chain with 154 locations spanning New York, Vermont, and Pennsylvania, is investing $6 million into its stores in Erie, PA. For this location, Tops has planned substantial enhancements, including new interior decor, energy-efficient lighting, the introduction of self-checkout stations, and expanded retail space to offer a wider selection of beer and wine options. The exterior will also undergo a fresh coat of paint and receive upgraded landscaping, further solidifying the property’s appeal and long-term viability.

Tops Friendly Market is strategically located close to State Highway 290, connecting the I-90 to downtown Erie, averaging 15,300 vehicles daily. The site benefits from excellent visibility via significant street frontage on E 38th St (13,700 VPD) and a large pylon sign, providing ease and convenience for customers. Erie’s strategic lakeside location, near major metropolitan areas like Buffalo, Cleveland, and Pittsburgh, positions it as a prime commerce hub with excellent transportation links. The city’s diversified economy, spanning manufacturing, healthcare, education, and tourism, ensures economic resilience and stability. The 5-mile trade area is supported by more than 133,974 residents and $69,469 average income, providing a direct consumer base from which to draw.

---