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Sprouts Farmers Market 3535 Panama Ln

23,313 SF 4-Star Retail Building Bakersfield, CA 93313 £11,558,850 (£496/SF) 5.25% Net Initial Yield

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Investment Highlights

Corporate NNN lease with Sprouts Farmers Market (NASDAQ: SFM) - a national chain organic grocery with more than 420 stores and $6.8B revenue (2023)
As a build-to-suit with fee-simple ownership, investors can benefit from new construction and depreciation tax benefits to enhance post-tax cash flow
Sprouts' CAM contribution is fixed for the 1st year with 3% annual increases. Current CAM expenses are lower than CAM income, creating additional NOI

New 15-year lease eliminates landlord leasing & capital expenses, creating a secure cash flow. Scheduled 10% rent increasses every 5 years
Sprouts is part of Bakersfield Crossings Center, which includes Walgreens, T-Mobile, Carl’s Jr., AutoZone, Wells Fargo, fitness, dining and more.

Property Facts

Sale Type

Investment NNN

Sale Condition

1031 Exchange

Property Type

Retail

Property Subtype

Supermarket

Building Size

23,313 SF

Building Class

LoopNet Rating

4 Star

Year Built

2023

Price

£11,558,850

Price Per SF

£496

Net Initial Yield

5.25%

NOI

£607,001

Tenancy

Single

Number of Floors

Building FAR

0.26

Land Acres

2.09 AC

Parking

96 Spaces (4.18 Spaces per 1,000 SF Leased)

Frontage

435 ft on Panama Lane

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