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Property Details

  • Price $34,000,000
  • Cap Rate 3.46%
  • Tenancy Single
  • Property Type Retail
  • Property Subtype Grocery
  • Building Size 28,000 SF
  • Year Built 1997

Investment Highlights

  • Generational opportunity to acquire a trophy, single tenant Whole Foods in the heart of downtown San Diego with rooftop parking 
  • Absolute NNN lease with no landlord responsibilities, passive investment opportunity 
  • Annual rent increases – CPI 2% minimum, 3% maximum (rare lease structure for Whole Foods) 
  • Top performing location – $49.8M store sales, $1,779 PSF, top 21% nationwide (Placer AI) 
  • Best in class operator in the most reliable and highly coveted retail sector
  • Strong historical occupancy, tenant has operated at this location for 38 years
  • High investment-grade tenant (S&P, AA-, Moody’s, A1) backed by Amazon (S&P, AA/Stable, Moodyʼs A1/Stable)
  • Dense, affluent San Diego market with nearly 244,900 residents in a 3- mile radius, average household income of $125,600 in a 3-mile radius 
  • High barriers to enter market with significant land constraints makes the property irreplaceable and considerably expensive to replicate, long term high-rise redevelopment potential 
  • The Hillcrest neighborhood is undergoing a major transformation, with proposed, active, and upcoming high-rise developments designed to dramatically increase housing density, particularly around the transit-heavy core 
  • Key projects like the Hillcrest Focused Plan Amendment propose 30- story towers, while projects such as the 8-story Cleveland Avenue building and Hillcrest Flats on 4th Avenue are already adding hundreds of units

Team