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5/05/20
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A NNN ground-lease for a single-tenant ALDI in Calexico, CA sold for $2.64 mil. The deal came in at a 5% cap rate.
Located at 2450 Rockwood Ave in Calexico, roughly two miles north of the Mexicali/Calexico border crossing, the 18k sf ALDI grocery store sits on a 1.53-acre pad at the entrance to Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexicali border crossing. In addition to Walmart Supercenter, nearby adjacent retailers included Jack in the Box, T-Mobile, 7-Eleven, Panda Express, KFC and Subway.
Dylan Mallory and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in Vero Beach, FL. The Midwest-based buyer represented themselves in the transaction. According to Mallory, the listing generated eight offers within 30 days of marketing the property.
“Single-tenant grocery chains, like ALDI, can serve essential needs and, in March, ALDI had reported that it had hired nearly 7,500 employees and is ‘continuing to hire more each day,’ including temporary positions in its stores and warehouses,” noted Mallory.
“ALDI has been a model tenant for how to adapt its business model to better service customers in this time of COVID-19,” said Lefko. “ALDI offers grocery delivery and pick-up services to make it easier for customers to practice social distancing.”
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