Last updated on October 29th, 2018 at 11:15 am
A Safeway grocery store in Eureka, California, has sold for $11.4 million, according to NAI Northern California, the Bay Area office of NAI Global, a commercial real estate brokerage network.
NAI Northern California EVP Doug Sharpe represented the buyer, who purchased the property for less than the asking price.
“Opportunities such as these come infrequently: great location, great building, great team. This asset fit perfectly with the unique circumstances presented by the buyer,” said Sharpe.
The acquisition of the 49,145-s.f. Safeway offers the buyer a “rare retail opportunity” in Eureka, as it’s the only national grocery store in town, says NAI. Situated at the northeast corner of Harris Street and Harrison Avenue, nearly 60,000 drivers pass the store daily.
The Safeway terms include a brand new 20-year absolute triple net lease with fixed rent increases, providing the buyer with a long-term investment that hedges against future market inflation with no landlord responsibilities, says NAI.
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