Sprouts Farmers Market - Dallas, TX_Property for Sale
Sprouts Farmers Market - Dallas, TX_Property for Sale
17795 Dallas Parkway, Dallas, TX, 75287, US

Sprouts Farmers Market - Dallas, TX

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a 19,867 square foot freestanding, single-tenant Sprouts Farmers Market located at 17795 Dallas Parkway in Dallas, Texas (“Property” or “Asset”). The Asset is brand-new, state-of-the-art construction that was built-to-suit for Sprouts in 2022.


The Asset is 100% corporately leased to Sprouts (NASDAQ: SFM), one of the largest and fastest growing specialty natural goods grocery store chains. Sprouts plans to open 35 new stores in 2024, representing 10% annual unit growth, already adding 7 new stores during Q1. Sprouts is currently operating on a 15-year NN lease, with ±13.7 years remaining, various rental escalations, and four, five-year renewal options.


The Property is positioned in Far North Dallas, a wealthy and family-focused community with average household incomes exceeding $134,000 in a one-mile radius. Sprouts sits along Dallas Parkway, a frontage road to Dallas North Tollway, providing direct visibility to more than 219,000 vehicles per day. The surrounding five-mile radius provides access to more than 392,000 residents, representing 14.6% population growth since 2010.

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Attributes

Asking price
CA$16,289,000
Cap rate
5.85%
WAULT
13.7 years
NOI
CA$953,000
Building area net
1,854 sm
Year built
2023

Media

Investment highlights

  • Sprouts Farmers Market is one of the largest and fastest growing natural goods grocery store chains with plans to open 35 new stores in 2024, representing 10% annual unit growth
  • Net lease with ±13.7 years of primary lease term remaining and four, five-year renewal options
  • 128 food at home spending index of the surrounding 1-mile radius (U.S. Average = 100)
  • Positioned along Dallas Parkway, a frontage road to Dallas North Tollway, providing visibility to more than 219,000 VPD
  • Strategically located between two affluent Far North Dallas neighborhoods with  ±938 homes
  • Incredible demand characteristics driven by a 1-mile AHHI of $134K and 392K+ residents within a 5-mile radius
  • More than ±1,400 apartment units delivered adjacent to Sprouts, including 517 luxury units 


Sprouts Farmers Market - Dallas, TX 4_Property for Sale
Sprouts Farmers Market - Dallas, TX 4_Property for Sale

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Sprouts Farmers Market - Dallas, TX (0 Properties)

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Last updated
Nov 26, 2024