CAP RATE: 6.00%
TOTAL BUILDING SIZE: 24,892 Sq Ft
YEAR BUILT | RENOVATED: 2005 | 2022
LOT SIZE: +/- 2.74 Acres
- 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).