71722 29 Palms Hwy - Department Store FOR SALE


Twentynine Palms, CA 92277
$6,400,000 USD
415-413-3005
71722 29 Palms Hwy, Twentynine Palms, CA for Sale
$6,400,000 USD
Department Store - FOR SALE
1/6
null | 5.5% Cap Rate

71722 29 Palms Hwy
Twentynine Palms, CA 92277


HIGHLIGHTS

  • 15-year net lease to Grocery Outlet (NASDAQ: “GO”)
  • 10% rental increases every five (5) years
  • Superior Grocery Outlet lease with tenant responsible for all maintenance and repair including the roof, parking lot and all maintenance
  • Grocery Outlet is the nation’s largest extreme value grocery retailer, with more than 533 locations in 16 states and $4.1 billion in annual revenue
  • Grocery Outlet opened 60 new stores in fiscal 2024
  • In Q3 2024, net sales increased by 10.4% to $1.11 billion due to new store sales and a 1.2% increase in comparable-store sales

OVERVIEW

Located on 29 Palms Highway, the 16,000 SF property benefits from 15,300 AADT and steady consumer traffic from residents, tourists, and military personnel. The 15-year net lease with 10% escalations every five years ensures predictable NOI growth, while tenant-covered expenses minimize landlord involvement. Grocery Outlet, with over 440 stores nationwide, offers financial stability and a proven business model that thrives in high-traffic markets. The property sits on a 5.38-acre parcel with ample parking and easy access, catering to high customer turnover and convenience. Located near MCAGCC and Joshua Tree National Park, benefiting from reliable local and tourist demand. The area’s $150 million retail gap and ongoing residential expansion ensure increasing demand for grocery and essential goods

FOR SALE DETAILS

PRICE

$6,400,000 USD

PRICE/SF

$400 USD /SF

CAP RATE

5.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Grocery Outlet

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Department Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2022

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.78 AC

LAND SF

121,043 SF

ZONING

-

APN/PARCEL ID

0615-222-36,0615-222-40

ASK ABOUT THIS PROPERTY

Ryan ForsythCushman & WakefieldMore Info
415-413-3005

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Ryan ForsythCushman & WakefieldMore Info
415-413-3005

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.