March 28, 2022 – Zach Smith of Horvath & Tremblay has successfully completed the sale of Grocery Outlet in Bishop, California. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $8,600,000.
The Grocery Outlet is located at 1320 North Main Street in Bishop, California (the “Property”). Grocery Outlet has occupied the 20,000 square foot building since it was constructed in 2019. Grocery Outlet has 11+ years remaining on their long-term triple net lease with four (4) renewal options. The lease calls for 10% increases every five years throughout the primary term and at the start of each renewal option. The Property is situated at the intersection of North Main Street (US Highway 6), the area’s primary commercial corridor, and Wye Road (US Highway 395). The Property benefits from outstanding visibility and frontage and sees more than 30,000 vehicles per day. Grocery Outlet is the nation’s largest extreme value grocery retailer with more than 300 locations and $2 billion in annual revenue. The site resides at the confluence of Yosemite National Park, Sierra National Forest, Death Valley National Park, Inyo National Forest, Mammoth Mountain, and Sequoia National Park. Combined, these attractions draw 14.6 million annual visitors and create $1.4+ billion of annual economic impact. Additionally, the property is surrounded by 21 hotels and lodges within a 1.5-mile radius, which are served by Grocery Outlet. The area is also close to Bishop Union High School, Home Street Middle School, Bishop Elementary School, and Pine Tree Elementary School, which have a total enrollment of more than 2,085 students.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.