- 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
Whole Foods
711 University Ave, San Diego, CA
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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
Team
-
Michael Cisternino
CA Broker License: 01708023
NV Broker License: 1002492
ID Broker License: PR59295
Phone: 925.388.0888
-
Nick Cole
CA Salesperson License: 01977282
Phone: 925.482.7044
Email: nick (at) ecadvs (dot) com