Former grocery site in Amarillo, Texas acquired by new owner
JLL completes sale of 63,000-square-foot property on behalf of MAL Enterprises, Inc. & Super Market Developers, Inc.
DALLAS, December 5, 2019 – JLL announced the successful sale of a 5.15-acre, 63,231-square-foot retail property in Amarillo, Texas today. The former grocery store site was acquired by STORE Capital.
JLL’s Michael Meaden completed the sale on behalf of AL Enterprises, Inc. & Super Market Developers, Inc. CBRE’s Zach Ballenger represented the buyer.
“Big box sites such as this one centrally located within a dense mature market provide unique, long-term investment opportunities through traditional means, such as serving as a gateway to welcome new tenants to the market,” said Meaden. “The site will be an attractive to retailers relying on frequent repeat traffic and service tenants looking for a core location to serve this submarket. We are glad to play a role in its disposition. This property is in great hands.”
According to JLL’s 2019 US Grocery Tracker, investors remain bullish as grocery remains one of the resilient subsets of retail. Though the number of single-asset grocery transactions have declined 5.8% since 2016, the average price per square foot has increased 7.8% during that same period. In 2018, investment activity in grocery real estate product reached $9.9 billion.
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