Natural Grocers Sale Breaks New Record
A Natural Grocers store located at 18471 Green Valley Ranch Blvd. in Denver, has sold for $6,857,143, setting a nationwide pricing record for a fee-simple Natural Grocers store.
Cory Gross, investment specialist in Marcus & Millichap’s Denver office, represented the buyer and the seller in the transaction.
The newly constructed 13,300-square-foot building, with a 15-year NNN lease executed by Natural Grocers, is a stable-cash-flow asset with minimal landlord responsibility.
“We worked with the developer well before any of the vertical construction on the master development began. My client had interest in controlling the hard corner on the development to add to his long-term portfolio,” Gross said.
The current economic climate did not affect this transaction due to the need for essential grocery stores to service the community.
“Grocers have stepped forward to fill the gap created by closed restaurants. From early 2015 until March of this year, food and drinking places continued to surpass grocery stores in sales. This trend shifted last month when the grocery stores reported a 26.9 percent jump in sales, while food services and drinking places reported a decline of 26.5 percent,” Gross said.
The store is set to open in the coming weeks.
“This store will fill the healthy and organic grocer void in the trade area, and I’m looking forward to seeing the grand opening,” added Gross.