Overview

Description

Faris Lee Investments is pleased to bring to market a newly constructed, single tenant, NNN leased Sprouts Farmers Market (“Sprouts”) investment within the Bakersfield Crossings shopping center. With over 380 locations nationally, Sprouts is a leader in the natural and health food grocery industry. The investment offers a new 15 Year lease term with 10% rent increases every 5 years backed by a publicly-traded corporate operator with 2022 Revenue of $6.4 Billion. This Sprouts location is uniquely positioned within the market as there is only one other health food grocer in Bakersfield, the 9th largest city in California. The projected 9% annual growth over the next 5 years within the health food grocery industry further demonstrates the security of this rare single tenant grocery investment.

The offering is ideally situated at the intersection of Panama Lane and Wible Road boasting an active traffic count of 41,000 VPD. Bakersfield Crossings is a grocery/drug anchored shopping center with a high level of daily customer visits featuring a free-standing Walgreens, Autozone, BodyXchange (a 15,000 sq. ft. health club), Carl’s Jr., and shops. Area retailers include Walmart, Costco, Lowes, and Albertsons. The immediate trade area is expected to experience strong 15% population growth over the next 5 years. With $94,230 AHHI within the immediate area, this location is ideal for Sprouts to cater to customers having high levels of discretionary income.

Highlights

• Sprouts Farmers Market | 380+ Locations | National Grocery Operator
• Improving Debt Markets with Recent Loan Quote in the low 6.0% Range with Fixed Interest Rate
• Long Term 15 Year NNN Lease | Strong Commitment to Location
• Growing Income Stream | 10% Rent Increases Every 5 Years
• Daily Needs Provider | Internet Resistant Tenant
• Exceptional Immediate Trade Area with Walmart, Costco, Lowe’s, Albertsons
• Underserved Market for Health Food Grocers within Bakersfield
• Rapidly Expanding Health Food Market | Forecasted 9% Annual Growth
• Bakersfield Is 9th Largest City in California | Central Valley Is The #1 Agriculture Producer Region in the Nation
• Part of Grocery/Drug Anchored Shopping Center with Walgreens, AutoZone, Wells Fargo, T Mobile and Carl’s Jr
• Growing Trade Area | 15% Forecasted Population Growth in Next 5 Years
• Coveted Panama Lane Location Adjacent To State Hwy 99 | Hard Corner Intersection with 41,000 Vehicles/Day
• Exceptionally Affluent Immediate Trade Area | AHHI of $94,230 within A 1 Mile Radius
• Pride of Ownership New Construction | Ideal Prototype for Sprouts
• Credit STNL Ease of Management Investment

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