High Performing Tops Markets NNN | Junior Box Vacancy
Tops Markets NNN | Monopoly Grocer | 9,245 SF Value-Add Vacancy | Highest & Best
Marketing description
Northfield Shopping Plaza is a 23,285 SF grocery-anchored neighborhood center serving the only full-service grocery trade area in the region. Tops Markets occupies 14,040 SF under a lease through September 2034 with renewal options to 2059. The store operates in the top decile of rural grocery stores nationally with a ~2.5% rent-to-sales ratio and zero competing grocers in the trade area.
Two entry points. In-place Tops-only NOI of $105,168 — verified, no assumptions. Or acquire the grocery anchor plus 9,245 SF of adjacent vacancy delivering September 2025, stabilizing at $179,128 NOI at market rents.
Vermont zoning and market scale make new grocery development here economically unviable. 71% homeownership within 5 miles. Norwich University and Montpelier state employment within 12 miles. Demand is captive, stable, and recession-resistant.
Unpriced. Highest and best offers invited.
Investment highlights
Monopoly Grocery Anchor — Zero Competition
Tops Markets is the only full-service grocer in the extended trade area. No competing grocers. No new supply risk. Captive household demand driving entrenched weekly visitation.
Top-Decile Store Performance
~2.5% rent-to-sales ratio places this location among the highest-performing rural grocery stores nationally. Ultra-low occupancy cost supporting a long-term, sustainable operating profile.
Long-Term Lease — Control Through 2059
20-year base term running through September 2034 with five 5-year renewal options. Rent steps to $156,000 in 2029. Defined and limited landlord obligations.
Immediate Value-Add Opportunity
9,245 SF adjacent vacancy available September 2025. Re-lease at market rate and NOI jumps from $105,168 to $179,128 — a $74,000 NOI gain on a proven grocery-anchored asset.
Below Replacement-Cost Rents
Tops paying $10.40/SF — materially below replacement cost. No economic incentive to relocate. Reinforces long-term tenant retention and protects the buyer's basis.
Captive, Undersupplied Market
Vermont zoning and market size make new grocery development economically unviable. 71% homeownership within 5 miles. Norwich University providing year-round demand.
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