Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Key Facts

Year Built 2004
Tenure Type Freehold
Lease Type NNN
Current / Passing Rent
Lease Expiration 2035-02-28
Remaining Term 14 years, 5 months
Tenant Smart & Final Stores LLC
Guarantor Smart & Final LLC
Building Area
Land Area

Property Description

JLL is pleased to offer for sale the fee simple interest in a Smart & Final located in Palmdale, CA. Smart & Final is operating on an absolute NNN lease with over 14 years of primary lease term remaining, 2% annual rental escalations, and zero landlord responsibilities. The property was renovated and demised in 2016 to suit Smart & Final's typical floor size, and the remaining 17,300 square feet is subleased to Dollar Tree (S&P: 'BBB-'), a nationally recognized retailer that will draw greater customer traffic volumes to the area.

As an anchor to Quartz Hill Plaza, the property sits within a 96% leased shopping center with a tenant roster that includes Carl's Jr., Del Taco, Little Caesar's Pizza, and AutoZone.

Investment Highlights

  • Absolute NNN lease with over 14 years of term remaining with 2% annual rental increases
  • Zero landlord responsibilities and a corporate guaranty from Smart & Final LLC
  • Leased to Smart & Final - one of the largest grocery store operators in the Western United States with over 250 locations
  • No grocery stores within a 2-mile drive, offering significant market share and minimal competition
  • 18% unit-level sales growth at this location since 2017
Last Updated Date: 27 Aug 2020
Nicholas Foster
Nick Foster
Senior Director, Capital Markets
License details
CA - 01831851
Adam Friedlander
Adam Friedlander
Director, Capital Markets
License details
CA - 1806555

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Last Updated Date: 27 Aug 2020

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