Tenant: Smart & Final Extra! | Atascadero, CA
Premises: 57,744 SF
Renewal Options: 2 x 10 Years
Lease Expiration: 2/28/2035
Lease Type: Absolute NNN
Rental Increases: 2% Annually (Including Options)
Sands Investment Group is pleased to present this best of class Absolute NNN investment located in Atascadero, California.
LONG INVESTMENT OPPORTUNITY
- 16+ Years Remain on an Absolute NNN Lease – Zero Landlord Responsibilities
- Significant NOI Growth with 2% Annual Rent Increases Throughout Lease Term and At Options
- Next Rent Increase Takes Place in March 2019
HIGH QUALITY TENANT
- Corporate Guarantee From Smart and Final Inc, (NYSE: SFS)
- Smart & Final is One of the Most Rapidly Expanding Banners Amongst Grocery Retailers and Has Experienced an Increase in Sales Over the Last 5 Years Consecutively
- Sales Increased by 4.4% From 2017 (as of July 2018)
DOMINANT MARKET POSITION IN IDEAL CALIFORNIA LOCATION
- Anchor to Center with Select Tenants Including: Le’s Nail Spa, Pizza Express and Fantastic Sams
- Located Along US 101 and Direct On/Off Ramp Access from 101
- Over 49,000 Cars Travel Along 101 Daily
- Excellent Visibility and Prominent Signage from El Camino Real, Curbaril Avenue and US 101
- 33,000 Cars Pass By Smart & Final Extra! Every Day
- Over 64,533 People Reside Within a 10-Mile Radius
INTERNET RESISTANT TENANT
- Recession and Internet Resistant Tenant – Grocery Stores Provide a “Daily Needs” For Consumers Making the Property Recession and Internet Resistant
CLOSE PROXIMITY TO NATIONAL TENANTS
- Select Neighboring Tenants Include Goodwill, CVS, Food 4 Less, Burger King, Wendy’s, AutoZone, Walgreens, Dominos, Rite Aid, Starbucks, Vons and More
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Founded in 1871, by Herman W. Hellman, Jacob Haas and Bernard Cohn, as Hellman-Haas Grocery Co. Purchased by Abraham Haas (the original owner of the Haas Building in Downtown Los Angeles) and Jacob Baruch, and renamed Haas, Baruch & Co in 1889. By 1895, following introduction of one of the first private label store brands, Iris, the grocer’s sales reached $2 million. The business continued to expand with Southern California’s growing population for the next two decades.
Founded in 1912, the Santa Ana Grocery Company mainly supplied feed and grain to local farmers. In 1914, J. S. “Jim” Smart, a banker from Saginaw, Michigan, and H. D. “Hildane” Final bought the company and changed the name to Smart & Final Wholesale Grocers. By 1919, annual sales for Smart & Final had reached $10 million. During the fierce competition among expanding grocers in the 1920s, the company introduced a self-serve concept to replace reliance on clerks to fetch goods. This was called “cash and carry.”
In 1998, it acquired Portland, Oregon-based United Grocers Cash & Carry, which was renamed Cash & Carry Smart Foodservice. These stores are concentrated in the Pacific Northwest. In 2007, Smart & Final acquired 35 Henry’s Farmers Markets in California and Sun Harvest Markets in Texas for about $166 million. In 2007, the company was acquired by Apollo Global Management.
In 2012, Apollo sold its stake in Smart & Final to Ares Management. Smart & Final went public in 2014. In 2015, Smart & Final purchased the leases on 32 locations previously operated by Haggen Food & Pharmacy. In 2017, Smart & Final opened 14 new locations.