NEW CONSTRUCTION SPROUTS ACQUIRED AT A 5.52% CAP RATE
November 20, 2020
Just closed at a 5.52% cap rate for $10,190,000! We represented the buyer in the transaction of the brand new 2020 construction Sprouts Farmers Market located at 4015 South Broadway Avenue in Tyler, Texas. The asset was identified as an attractive upleg for its strong "essential" publicly traded corporate tenant (Sprouts generated over $5.6B in revenue in 2019) and the property’s excellent retail location with traffic volume exceeding 40,000 cars per day and a population of over 110,000 within five miles. Sprouts is on a new 15-year double net lease with three five-year options and $30,000 rent increases every five years. For more information, please contact Steve “Bogie” Bogoyevac at Steve.Bogoyevac@MarcusMillichap.com.