Single Tenant Pick n’Save

Pick n’ Save is a single-tenant, NNN Lease, freestanding grocer only 15 miles from the city of Madison, WI. Immediately, this property drew our team’s attention for its proximity to this large urban center and a highly affluent, growing market (over 9.4% population growth projected in the next five years). Our team also recognized the strength of Pick n’ Save being a subsidiary of Kroger, which saw strong, steady sales even throughout the COVID-19 pandemic. FNRP purchased Pick n’ Save in February 2021 for $13M, and projected a 14.2% IRR for investors.

Pick n’ Save became our fastest property to be acquired and disposed of after only holding for a year and two months. Originally, FNRP planned to hold the site for seven years. However, due to the success of this site, a buyer approached us with a strong offer for the site. Therefore, we decided to sell the property earlier than expected to collect significant returns for investors.