Investment Offering
Long Beach, CA - Vons
600 E Broadway | Long Beach, CA 90802
$43,276,000
Price3.5%
Cap Rate47,570 SF
± SF Building SizeDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, Vons investment property located in Long Beach, California (Los Angeles County). The tenant, The Vons Companies, Inc., has over 16 years remaining in their initial term with 8 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features a 1.50% rental increase in November 2021 and 7.50% rental increases every 5 years thereafter, growing NOI and hedging against inflation. The lease is corporate guaranteed by Albertsons Companies, LLC and is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. This offering represents a rare opportunity to acquire a coastal trophy asset within a dense, infill trade area with high barriers for new development.Property will be delivered free and clear / defeasance paid by Seller.
Location
Vons is strategically located at the signalized, hard corner intersection of Atlantic Avenue and E. Broadway, averaging a combined 30,900 vehicles passing by daily. The building was constructed in 2010 and features rooftop parking (127 spaces), a sought after, valued commodity for the Long Beach downtown area. Additionally, the site is within walking distance to the Long Beach Convention & Entertainment Center, a 400,000 SF multipurpose event center that hosts many of the world’s most amazing performances, workshops, trade shows, exhibits, balls, meetings, and special events throughout the entire year. Other nearby tourist destinations include the Aquarium of the Pacific and Long Beach’s legendary ocean liner the Queen Mary. The Aquarium of the Pacific is the fourth most-attended aquarium in the nation, each year approximately 1.7 million people visit the Aquarium making it consistently one of the leading attractions in the Los Angeles region. While the Queen Mary offers top-notch dining, dazzling city skyline views, overnight accommodations in original first-class staterooms, and a full calendar of performances/events. Moreover, the subject property is within walking distance to numerous high rise apartment complexes including The Alamitos (136 units), The Current (223 units), Villa Riviera Condos (160 units), and Shoreline Gateway (315 units / under construction), providing a direct residential consumer base to draw from. The 5-mile trade area is supported by a dense population of more than 384,100 residents and 178,600 daytime employees with a healthy average household income of $93,949.
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