Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a Smith’s Food & Drug, a 50,388 square feet net-leased grocery store.
Dustin R. Alvino, First Vice President of Investments at Marcus & Millichap’s Las Vegas office, represented the seller and buyer in this transaction. The asset sold for $6,050,000, producing a cap rate of 9.77%. Asset highlights include a new 7-year lease extension, dominant grocer owning 23% market share, Kroger Foods credit tenant: S&P BBB-, and below replacement cost of $156.39 P/SF.
For more information regarding the sale of Smith’s Food & Drug or if you have any other questions relating to net lease investments, please do not hesitate to reach out to Dustin R. Alvino.
Dustin R. Alvino | (702) 215-7120