OFFERING SUMMARY:

PRICE: $4,356,000
CAP RATE: 6.00%
TOTAL BUILDING SIZE: 24,892 Sq Ft
NOI: $261,366
YEAR BUILT | RENOVATED: 2005 | 2022
LOT SIZE: +/- 2.74 Acres

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HIGHLIGHTS:

  • Hy-Vee Corporate Guarantee
    Headquartered in West Des Moines, Iowa, Hy-Vee is an employee-owned corporation operating more than 285 retail stores across eight Midwestern states with sales exceeding $12 billion annually. Hy-Vee ranks among the Top five Most Trusted Brands and has been named one of America’s top three favorite grocery stores. Hy-Vee also ranks among the top 25 supermarket chains and the top 50 private companies in the United States.
  • Wall to Wall Wine & Spirits
    In 2021, Hy-Vee announced the launch of Wall to Wall Wine and Spirits, a new division of the company focused on providing a best-in-class wine, spirits, and beer selection in a modern, standalone format that enhances customer experience. The eclectic wine and spirits selection will feature a price point for all customers, along with specialty grocery items, including cheese, charcuterie, chips and crackers, as well as sodas and seltzers to help customers craft a full food and drink menu for any event or occasion. Additionally, customers can purchase high-end barware and related accessories.
  • New 10-Year Lease and Renovations in 2022
    In March of 2022, Hy-Vee entered into a brand new, 10-year lease with Wall to Wall Wine & Spirits. The double net (NN) lease has a flat rent throughout the base term. However, rent will increase by 10% in each of the four, five-year options that are remaining. Further, prior to opening in early 2022, the site received substantial tenant investment to rebrand the site under the Hy-Vee banner.
  • Highly Trafficked and Dense Retail Corridor
    With 161k+ people residing in a five-mile radius and daily traffic counts exceeding 25k VPD, the site is strategically positioned in the area’s largest retail corridor. Major national retailers immediately surrounding the property include: Walmart, Sam’s Club, Home Depot, Menards, Walgreens, McDonald’s, and more. The property also benefits from the local traffic drawn in from the University of Nebraska – Lincoln (2021 Enrollment: 24,431), which is just three miles away. The site further benefits from its proximity to new residential developments in the area such as the Northridge Heights Apartments (448 Units).

EXCLUSIVELY LISTED BY:

DOMINIC SULO
Senior Vice President Investments
Senior Director, Net Lease Properties Division
(630) 570-2171
dominic.sulo@marcusmillichap.com

DREW ANTONIOU
Associate
(630) 570-2185
andrew.antoniou@marcusmillichap.com

NEBRASKA BOR
Jon Ruzicka
Lic #20200223