For Sale - 168 Market - 99 Ranch Corporate Signature
Retail | 6.10% CAP | 28,008 SqFt
Marketing description
168 Market is a Taiwanese-American supermarket concept owned and operated by Tawa Supermarket, Inc. — the same corporate parent behind 99 Ranch Market, the largest Asian supermarket chain in the United States. Founded in 2006, 168 Market was established by Tawa as a lower-cost alternative to the 99 Ranch banner, sharing the same management team, ownership, and supply chain infrastructure.
Tawa Supermarket, Inc. ("TAWA") is headquartered in Buena Park, California and has been in continuous operation since 1984. TAWA operates approximately 60+ locations across California, Oregon, Nevada, Washington, Texas, New Jersey, Maryland, Massachusetts, Virginia, Arizona, and New York under the 99 Ranch and 168 Market banners. Annual revenues are estimated at approximately $5 billion as of 2026.
TAWA was selected as a Deloitte 2022 US Best Managed Company — an honor recognizing excellence in strategy, financial performance, corporate governance, and culture. TAWA also previously co-owned the T&T Supermarket chain in Canada before its sale to Loblaw Companies for $225 million in 2009, demonstrating significant corporate depth and strategic acumen.
The subject property is leased on an Absolute NNN (triple-net) basis, representing the most favorable lease structure available to a commercial real estate investor. Under an Absolute NNN lease, the tenant assumes full and unconditional responsibility for all costs associated with the property — including real estate taxes, insurance premiums, roof, structure, HVAC, and all capital expenditures. The landlord's sole obligation is to collect rent.
Investment highlights
- NNN Lease — Zero Landlord Obligations: The tenant bears 100% of all property-level expenses, including real property taxes, insurance, roof, structure, mechanical systems, and all capital expenditures. The investor receives truly passive income with no management responsibility.
- Long-Term Rent Growth — 10% Bumps Every 5 Years: Scheduled rent escalations of 10% every five years provide a meaningful hedge against inflation and create a built-in income growth profile that enhances long-term asset value and supports future buyer demand.
- Corporate Guarantee from Tawa Supermarket, Inc.: The lease is backed by the corporate credit of Tawa Supermarket, Inc., operator of 65+ locations with an estimated $5 billion in annual revenue. TAWA has operated continuously for over 40 years, a testament to its financial resilience.
- Essential-Use, E-Commerce Resistant Grocery Tenant: Grocery stores represent one of the most internet-resistant retail categories. 168 Market serves a loyal, culturally specific customer base with limited substitute options, supporting exceptional store-level performance.
- Strong Vallejo / Bay Area Demographics: Vallejo and the broader Solano County market benefit from proximity to the San Francisco Bay Area, significant Asian-American and Pacific Islander community demographics, and sustained population growth — all natural demand drivers for the 168 Market brand.
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