- Smith’s Grocery Shadow Anchored Shopping Center:
- Dominant anchor with top tier gross sales well above the typical store average for a Smith’s Grocery Store
- Smith’s is a division of Kroger (NYSE: KR; S&P: BBB), the largest supermarket chain by revenue in the U.S.
- Upside Potential Through Lease-Up of 18% Vacancy: 8.04% proforma cap rate; 57% NOI growth over 10 years.
- Potential Break-Up Strategy:
- Two separately platted multi-tenant pad buildings
- Single-tenant Wendy’s (ground lease with strong gross sales)
- Single-tenant Smith’s Fuel Pad (ground lease)
- Major Recent Capital Expenditures: Property is in excellent physical condition, including the recent installation of new roofs, parking lot slurry and seal, and stacked stone façade improvement.
- Long-Term Historical Occupancy: Tenants representing 72% of the occupied square footage have leased space at the property since 2010 or earlier.
- 100% Internet Resistant Tenant Mix: National/regional tenants include Wendy’s, Smith’s Gas, Club Pilates, Domino’s Pizza, Fantastic Sam’s, and Ski 'N See.
- High Traffic Signalized Intersection Location: 30,000 CPD
- Located Minutes from Snowbird and Alta Ski Resorts: Ideally positioned on 9400 Street and is the last grocer prior to travelling through Cottonwood Canyon to the nearby ski resorts.
- Sandy is the 6th Largest City in Utah: Ranked one of safest cities for the 11th consecutive year and only 30 minutes from Salt Lake City International Airport.
- Affluent Demographics: Within a 1-mile radius, the AHHI is USD. 127,000. The current population within a 5-mile radius of the center is 223,000.