The subject property is a recently renovated Martin’s Super Market located in Plymouth, Indiana. The property offers a NNN corporate backed lease guaranteed by SpartanNash Company (NASDAQ: SPTN) with ±9 years of term remaining and two 5-year options with automatic renewals. The tenant has over 24 years of operating history at this site. The NNN lease has limited landlord responsibilities (roof & structure). A new roof was installed in 2021 with a transferable warranty.
There’s limited competition within the immediate trade area and the subject property offers the only Starbucks within a 25-mile radius located in-store. The site sits on a 5.14-acre lot with excellent visibility and accessibility with frontage of 327’ on E. Jefferson Street (9,110 VPD) and several points of ingress/egress. The site provides close access to U.S. Hwy 30 and U.S. Hwy 31 with 33,760 VPD combined. There are numerous hotels with over 430+ rooms combined in a 3-mile radius and the site is less than 3 miles from Pilgrim Place, a Lowe’s Home Improvement anchored shopping center. Martin’s Super Market is directly adjacent to Plymouth High School (±1,157 average annual student enrollment) and is located nearby many dense residential neighborhoods. There are several national retailers within a 1.5-mile radius such as CVS, Walgreens, AutoZone Auto Parts, Planet Fitness, and more.
Martin’s Super Markets includes a Side Door Deli Café and has the only Starbucks within a 25-mile radius located in-store, driving additional traffic. The site has over 10,800 visits on average per week, per Placer.ai.
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