Uncovering a “Needle in a Haystack”
The sale of this single-tenant net leased Winn-Dixie asset is another example of SRS’ Southeast Investment Sales Team’s innate ability to uncover what could be considered a ‘needle in a haystack’ type of buyer. Though there is a plethora of NNN grocery store buyers actively looking for product, finding the one that could get comfortable with a Winn-Dixie store located in a tertiary market in Alabama with a short remaining lease term required SRS’ unmatched relationships.
Utilizing our expansive single-tenant net leased buyer pool, we were able to touch every potential investor for the asset, giving it maximum exposure to the marketplace. At the same time, we targeted the top Winn-Dixie buyers over the last two years, our complete list of Winn-Dixie owners and a vetted list of investors to whom we knew this asset would be of interest. In less than two weeks, we were under contract with the right buyer, who had an excellent relationship with Winn-Dixie, and was able to get immediately comfortable with the asset, closing within 45 days.
- Absolute NNN Lease with Winn-Dixie
- Recent 5-year renewal and strong history of occupancy
- Notable sales growth of 7% YOY from 2012 to 2013 and a 1.7% occupancy cost for Winn-Dixie
- Located in Atmore, AL- a tertiary market outside Mobile
- Dated building, façade and property
- Short-term lease- 3.5 years of remaining term