Conifer, CO - Safeway

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire two corporate signed (NYSE: ACI) Safeway investment properties located in Conifer, Colorado, an affluent mountain community located 40 minutes from Denver. The offering consists of a 65,000 SF Safeway grocery store (fee simple ownership), and a 1.19-acre gas station fuel pad (ground lease). The tenant recently exercised their first renewal options in both leases and now has over six years remaining on the current lease terms, with nine (9) remaining five-year options to extend. Both leases are structured as NNN with corporate signatures, offering a stable, low-management investment opportunity ideal for passive investors. Founded in 1915, Safeway is a leading American supermarket chain, and currently operates as a banner of Albertsons Companies (NYSE: ACI). In 2023, the grocery store underwent renovations and integrated the adjoining liquor store, now rebranded under the Safeway name, enhancing the overall customer experience. The Safeway at Conifer Town Center ranks in the top 15% of Safeway locations in the state by foot traffic, per Placer.ai. With the next closest Safeway located more than 8 miles away, and significant barriers to entry for new development in the trade area, the site benefits from extremely limited competition.

Ideally situated off the primary thoroughfare serving the community (U.S. Highway 285 - 22,000 VPD), the subject property offers an immediate grocery and gas station option for locals and highway travelers alike. Furthermore, the property serves as the anchor tenant to Conifer Town Center, which features a diverse tenant lineup in the heart of Conifer, CO. Nearby national/credit tenants include Natural Grocers, Starbucks, Sonic, Staples, O’Reilly Auto Parts, Anytime Fitness, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. In addition, the site benefits from close proximity to Conifer Senior High School, further increasing consumer traffic to the site. The 5-mile trade area is supported by roughly 14,325 residents and 3,308 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an extremely affluent average household income of $182,576. As one of the closest mountain towns to Denver, Conifer provides a tranquil, family-friendly environment, as well as quick and easy access to a major metropolitan area.