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Hy-Vee Fast & Fresh
9150 University Ave, West Des Moines, IA 50263
Listing Price: $6,120,000
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 +/- 6,674 square feet store and 14-pump canopy on a +/- 2.86-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.
Hy-Vee Fast & Fresh
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, and 5% rent escalations every five years,
- Newly constructed, best in class, convenience store format built in 2022
- The Asset is located in a high growth corridor at the signalized intersection of University Ave and 92nd St. with an AADT count of 15,699
- Within three miles of the asset is the I-80 and I-35 intersection, home to some of the largest office employers in Iowa, including corporate headquarters for Hy-Vee Inc., American Equity Investment Life Holding Co., and Farm Bureau Financial Services Corp.
- This opportunity qualifies for accelerated or bonus depreciation
Broker of Record
Listing Price: $6,120,000
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, and 5% rent escalations every five years,
- Newly constructed, best in class, convenience store format built in 2022
- The Asset is located in a high growth corridor at the signalized intersection of University Ave and 92nd St. with an AADT count of 15,699
- Within three miles of the asset is the I-80 and I-35 intersection, home to some of the largest office employers in Iowa, including corporate headquarters for Hy-Vee Inc., American Equity Investment Life Holding Co., and Farm Bureau Financial Services Corp.
- 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 +/- 6,674 square feet store and 14-pump canopy on a +/- 2.86-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
