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4/24/19
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Two Smart & Final grocery stores in Central California have sold to a private investor as corporate leasebacks for a combined price of $14.8 mil. The assets were sold by Smart & Final, a Los-Angeles based grocery chain with more than 300 locations in the western United States.
Porterville Smart & Final |
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One of the properties is a 33.2k sf Smart & Final located at 2425 Blackstone Ave in Fresno. The grocery store, originally built in 1991 and renovated in 2018, sits on a three-acre lot and is located less than one mile from the CA-41 Fwy, which carries over 140,000 cars per day. Fresno is the fifth-largest California city by population, and approximately 400,000 residents live within five miles of the property.
The other property is a newly built, 31.3k sf store located at 1419 W. Olive Ave in Porterville. The space is a relocation of an existing store that was located elsewhere in the area. Porterville is the primary gateway to the mountain and recreational areas of the Sequoia National Forest, the Giant Sequoia National Monument and Kings Canyon National Parks. Other prominent retail tenants in the nearby area include Planet Fitness, Sherwin Williams and NAPA Auto Parts.
CBRE’s Matt LoPiccolo and John Glass of Marcus and Millichap represented Smart & Final in the deal. Jerry Suyderhoud of Newmark Knight Frank repped the buyer, a NoCal-based private investor.
The structure of the transaction – financial review, lease negotiation and site review – perfectly aligned with the operator (seller) and purchaser,” said LoPiccolo. “With one newly-constructed store and the other having been recently renovated, these two assets packaged together provided an extremely compelling investment opportunity to the buyer. Both locations are poised for strong growth as the surrounding areas continue to develop.”
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