Colville, WA - Grocery Outlet

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a corporate guaranteed, Grocery Outlet investment property located in Colville, Washington. The tenant, Grocery Outlet, Inc., recently agreed to a brand new 13-year lease extension with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 10.4% rental increase in year 8 of the extension and variable increases at the beginning of each option period, steadily growing NOI and hedging against inflation. Grocery Outlet is a high-growth, extreme value retailer of quality, with name-brand consumables and fresh products sold through a network of 480+ independently operated stores, 74 of which are located in Washington. The offering also includes an additional 4,174 square feet of vacant space.

The site benefits from excellent visibility and access along S. Main Street, the primary retail thoroughfare serving the surrounding area and supporting 12,500 vehicles passing daily. Grocery Outlet receives consumer traffic from its position along the thoroughfare and crossover retail exposure derived from nearby national/credit retailers including Walmart Supercenter, Safeway, Super 1 Foods, McDonald’s, and Taco Bell. The tenant has access to a direct consumer base in the immediate area, comprised of many single family homes along with the Spokane Community College Colville Campus. In addition to the local consumer population, Colville experiences seasonal tourism due to its position as a gateway for travelers to the Colville National Forest. The state landmark encompasses over 1.5 million acres of forest and serves as one of the most popular outdoor destinations in the northwest. The 5-mile trade area is supported by a population of over 8,400 residents and 5,500 employees with an average household income of $82,115.