We are pleased to announce the disposition of a single-tenant Pick ‘N Save (Kroger) grocery store asset located at 640 East Main Street in Sun Prairie, a fast-growing, affluent Madison suburb.
We acquired the property in early 2021. Its essential-category tenant made it a risk-averse investment opportunity during the height of COVID-19 business disruptions. The market’s current momentum and the growing popularity of net-leased investing dictated the appropriate timing of its sale. The end result produced a net average annual return for our partner-investors of just over 45%.
“This net leased grocery property proved to be a rock-solid investment and a cash producer at a time of economic uncertainty among other retail asset types, and other commercial property types in general,” said Andrew DeNardo, FNRP managing principal. “We saw cap rates remain attractive throughout the pandemic for grocery product, thanks to the nature of items sold, and the sector’s agility in adapting to consumer needs with online ordering and curbside pickup options.”
We are focused on acquiring institutional-quality commercial real estate throughout the United States. An active, opportunistic and value-add investment firm, we are equipped to operate in all facets of the real estate acquisition process as an investor, developer and asset manager of commercial real estate. We enhance the value of properties through hands-on management and targeted investments that result in superior, risk-adjusted returns for our investors.
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