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June 16, 2024
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Single-Tenant NoCal Grocery Outlet Trades Hands for About $400/sf


A brand-new, 16k sf single-tenant net-leased investment occupied by Grocery Outlet in Fresno County, CA sold for $6.37 mil, or $398/sf. The deal closed at a cap rate of 4.90%.

The Grocery Outlet building is located on 2.08 acres at 14868 W. Whitesbridge Ave in Kerman, at the signalized intersection of Whitesbridge Ave (Hwy 180) and Madera Ave (Hwy 145) with 28,500 cars per day. The city of Kerman is located in California’s Central Valley, one of the world’s largest economies and situated within four hours of 90% of the state’s population. Kerman is located 15 miles west of the city of Fresno, the largest city in the Central Valley and the fifth largest city in California.

Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, a local private investment firm. The buyer, a private investor from San Mateo County, was repped by Nigel Keep with Kidder Mathews.

“We generated multiple competitive and qualified offers in the first week of marketing the property before securing a 1031 exchange buyer that closed at 100% of the asking price,” said Asher. “Grocery Outlet describes itself as the nation’s fastest-growing extreme-value grocery retailer and opened 36 stores in 2021, with plans to open 28 stores in 2022.”

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