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New Long Term Lease with Investment Grade Credit Tenant -The new 10-year NNN lease is guaranteed by Grocery Outlet, the fastest growing extreme value grocery retailer in the U. S. Over its 68-year operating history, Grocery Outlet has seen a strong track record of growth, opening 17 stores since October 2013 with plans to open 15 stores per year.
Rent Growth – The lease features four (4) 5-year renewal options and rare 10% rent escalations every 5 years in both the primary term option periods.
Strategic Location – The subject property is located at the intersection of Buchanan Rd & Somerville Rd, along one of Antioch’s main retail corridors, seeing 36,000 cars per day. The site is surrounded by dense residential housing and several schools including Los Medanos College, which enrolls nearly 10,000 students.
New Construction – This new Grocery Outlet will be a major anchor for the new Buchanan Crossings Shopping Center, with expected completion of the store in October 2015.
Strong Retail Synergy – Neighbors include Macy’s, Sears, Forever 21, 24 Hour Fitness, Dollar Tree, Big Lots, 99 Cent Only, Lowe’s, Costco, Target, Burlington Coat Factory, Ross, Joann’s Fabrics, Petsmart, Party City, Big 5 Sporting Goods, Red Lobster, Olive Garden, Outback Steakhouse, and In-N-Out Burger.
Strong Demographics – Nearly 83,000 people live within a 3 mile radius of the subject property, with an annual household income of $67,000.