Shoppes of Grove - Grove, OK
New Construction NNN Power Center | National Credit Tenants | Starbucks Outparcel | Major Retail Hub
Marketing description
Sands Investment Group is pleased to exclusively offer for sale the new construction 62,225 SF Shoppes of Grove featuring Ross, Marshalls, Bealls, and a 2,225 SF Starbucks outparcel located at the signalized intersection of S Main St & W 18th St in the city of Grove, Oklahoma. With a WALT of over 8 years and 68% of the GLA made up of investment-grade credit, this asset provides an investor with a long-term, secure income stream. Each lease features increases every 5 years, providing a hedge against inflation. The subject property is situated on the main retail arterial within the trade area and benefits from a destination location across the street from a Walmart Supercenter, Lowe's Home Improvement, and other high profile retailers. Offered at below $139 PSF and a 7.00% CAP rate, this opportunity offers an attractive yield compared with alternative investment opportunities at below replacement cost.
Investment highlights
- New Construction Power Center Featuring National Credit Tenants: The Shoppes of Grove boasts a strong national tenant mix, including Ross Dress For Less, Marshalls, Bealls, and a Starbucks outparcel.
- Long Term Triple Net (NNN) Leases: WALT of over 8 years, providing long-term passive investment with minimum landlord responsibilities.
- Strong Credit Investment Opportunity: Over 68% of the income stream is guaranteed by investment-grade credit, providing a new investor with a high level of long-term security.
- Attractive Rental Increases: 100% of the tenants have increases every 5 years, providing a consistent hedge against inflation.
- Starbucks Outparcel: Providing a new buyer opportunity to sell Starbucks separately in the future.
- Below Market Rents / Priced Below Replacement Cost: Leases negotiated in 2022 resulting in below market rents and low cost per square foot to the new investor.
- Destination Location Retail Setting: Located on a primary retail arterial with major frontage on S Main Street across from Walmart Supercenter & Lowe's Home Improvement, among other high-profile retailers.
- Major Thoroughfare to Grand Lake: Providing a built-in customer base for tenants.
- Grove is Home to Many "Second Home" Owners From Nearby Cities With Major Employment Hubs: Creating an additional population base to serve.
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