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Highlights

  • Absolute Net Lease has no landlord responsibilities whatsoever
  • Corporate guarantee from the second-largest traditional grocer in the United States
  • Anchor of large shopping center along main McMinnville Highway with traffic counts in excess of 20,400 vehicles per day
  • Plaza has multiple points of ingress/egress allowing easy access
  • Located in dense retail area surrounded by 25+ national retailers like Walmart, WinCo, Joann Fabrics, Goodwill, Dollar Tree, and more
  • Number of households in the area has increased by over 30% Since 2000 and household Income Increased by over 20%

Investment Summary

A new, 20-year lease was just executed June 2019 and includes 1.5% annual increases at start of years 2-5 then 7.5% increases every five years starting after year 10. There are eight, five-year options to renew, each with 7.50% increases.

The Offering Under Contract

  • Listing ID: 16718997
  • Date Created: 7/25/2019
  • Last Updated:

About 2490 NE Highway 99W , McMinnville, OR 97128

The subject property is a Safeway location guaranteed by their corporate parent company, Albertsons Companies, Inc. The property is an anchor in McMinnville Plaza, an 18-acre shopping center directly off Oregon Route 99 in McMinnville, Oregon. The Plaza includes other anchors like JC Penney, Ross Dress For Less, Petco, and a new Marshalls set to open in Fall 2019. The surrounding area is dense with other national retailers like Walmart, WinCo, JoAnn Fabrics, Goodwill, Subway, and more. Directly east of the subject property is the Cascade Steel Rolling Mills, a Schnitzer Steel Industries company, employing over 400 people. Oregon Route 99 is the main highway cutting directly through McMinnville and connecting the city to both Portland to the north and Salem to the south, each within an hour’s drive. Albertsons Companies, Inc: Corporate Guarantee from Albertsons Companies, Inc., the second-largest traditional grocer in the United States with $60.5 Billion in revenue for 2018. Albertsons Companies is the third-largest, private company in the US as of 2018 and sees approximately 34 million customers per week. There are over 2,200 stores in 34 states and the District of Columbia under 21 well-known banners. They have 270,000 employees nationwide.

Marketing Brochure

Download Brochure

More Attachments

Safeway McMinnville, OR Offering Memorandum

TRADE AREAS

Talent Base and Commute Times

1 Mile 1 Mi. 3 Miles 3 Mi. 5 Miles 5 Mi.
1 Mile
3 Mile
5 Mile
Total Population
4,916
32,348
47,144
2020 Population
4,461
29,112
42,719
2025 Population
5,269
34,716
50,542
Employees
5,215
15,542
18,564
Total Businesses
397
1,663
2,090
Average Household Income
$70,704
$67,924
$72,854
Median Household Income
$56,052
$51,462
$57,208
Total Consumer Spending
$47.34M
$287.71M
$439.11M
Median Age
37.5
36.5
36.8
Households
1,849
11,713
16,864
Percent College Degree or Above
15%
11%
11%
Average Housing Unit Value
$308,156
$266,521
$271,142

NNN Tenant Information

Tenant SF Occupied Lease End Date
Safeway 56,379 June 2039

Nearby Major Retailers

Traffic

Collection Street Cross Street Traffic Vol Year Distance
NE Hwy 99W E 27th St, E 17,613 2012 0.13 mi
State Hwy 99W NE Grandhaven Dr, E 14,178 2018 0.13 mi
Hwy 156 Fairgrounds Dr, NE 10,200 2015 0.19 mi
NE Hwy 99W NE Doran Dr, E 27,877 2012 0.37 mi
State Hwy 99W NE Doran Dr, E 18,800 2016 0.37 mi
Walk Score ®
Somewhat Walkable (51)
What is a Walk Score®, Transit Score® & BikeScore®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

About the Seller

Read More

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