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Hy-Vee Fast & Fresh

300 Grand Ave, West Des Moines, IA 50265

Listing Price: $6,045,000

Cap Rate
5.40%
Tenant Name
Hy-Vee
Years Remaining On Lease
20.1
Gross SF
6,591
Guarantor
Corporate Guarantee
Rentable SF
6,591
Price/Gross SF
$917.16
Lease Type
Absolute Net
Rent Per Square Feet
$49.50

Investment Overview

Marcus & Millichap (M&M) is pleased to offer the rare opportunity to acquire, a newly constructed Hy-Vee Fast & Fresh (convenient grocery & petroleum) location in West Des Moines, IA. Since its start in 1930, Hy-Vee has grown into one of the largest and pre-eminent grocery store operators, in the United States. Headquartered in the Midwest, Hy-Vee is an employee-owned corporation operating more than 300 retail stores across eight Midwestern states with sales exceeding $12 billion annually. Hy-Vee enjoys consistent positive annual sales trends and net income. This privately held and employee-owned company is supported by a strong balance sheet that mirrors an investment grade publicly traded company. Opened 2022, this West Des Moines Hy-Vee Fast & Fresh location features a +/- 6,591 square feet store and 16-pump canopy on a +/- 1.72-acre lot. The Hy-Vee Fast & Fresh is a convenient grocery and petroleum format unlike any other. This strategic format brings the “Best in Class” Hy-Vee fresh grocery capability to the local convenience and petroleum store and is ideal for fill-in grocery trips, quick meal solutions, and basic necessities. Hy-Vee Fast & Fresh stores set a new standard of convenience that few will be able to replicate.

Investment Highlights

  • Long term passive lease with Hy-Vee, Inc. corporation, employee-owned company with a balance sheet that mirrors an investment grade company
  • Hy-Vee Inc. is subject to an Absolute Net lease to Hy-Vee Inc. with a new 20 year lease term, below market rent, with 5% rent escalations every five years
  • Newly constructed, best in class, convenience store format built in 2022
  • The Asset is located in a dense infill neighborhood off Grand Ave. a main east/west commercial corridor with an AADT count of almost 22,000
  • Located less than 1 mile from I-235, with limited market competition in the trade area
  • This opportunity qualifies for accelerated or bonus depreciation

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

Auto Service - Gas-Conv

Hy-Vee Fast & Fresh

Listing Price: $6,045,000

Cap Rate
5.40%
Tenant Name
Hy-Vee
Years Remaining On Lease
20.1
Gross SF
6,591
Guarantor
Corporate Guarantee
Rentable SF
6,591
Price/Gross SF
$917.16
Lease Type
Absolute Net
Rent Per Square Feet
$49.50

Investment Highlights

  • Long term passive lease with Hy-Vee, Inc. corporation, employee-owned company with a balance sheet that mirrors an investment grade company
  • Hy-Vee Inc. is subject to an Absolute Net lease to Hy-Vee Inc. with a new 20 year lease term, below market rent, with 5% rent escalations every five years
  • Newly constructed, best in class, convenience store format built in 2022
  • The Asset is located in a dense infill neighborhood off Grand Ave. a main east/west commercial corridor with an AADT count of almost 22,000
  • Located less than 1 mile from I-235, with limited market competition in the trade area
  • This opportunity qualifies for accelerated or bonus depreciation

Investment Overview

Marcus & Millichap (M&M) is pleased to offer the rare opportunity to acquire, a newly constructed Hy-Vee Fast & Fresh (convenient grocery & petroleum) location in West Des Moines, IA. Since its start in 1930, Hy-Vee has grown into one of the largest and pre-eminent grocery store operators, in the United States. Headquartered in the Midwest, Hy-Vee is an employee-owned corporation operating more than 300 retail stores across eight Midwestern states with sales exceeding $12 billion annually. Hy-Vee enjoys consistent positive annual sales trends and net income. This privately held and employee-owned company is supported by a strong balance sheet that mirrors an investment grade publicly traded company. Opened 2022, this West Des Moines Hy-Vee Fast & Fresh location features a +/- 6,591 square feet store and 16-pump canopy on a +/- 1.72-acre lot. The Hy-Vee Fast & Fresh is a convenient grocery and petroleum format unlike any other. This strategic format brings the “Best in Class” Hy-Vee fresh grocery capability to the local convenience and petroleum store and is ideal for fill-in grocery trips, quick meal solutions, and basic necessities. Hy-Vee Fast & Fresh stores set a new standard of convenience that few will be able to replicate.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

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