Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a freestanding, single-tenant grocery store near South Bend, Indiana. The 24,641-square-foot store is fully leased to Whole Foods and is located at 4230 Grape Road in the city of Mishawaka. Stan Johnson Company’s Pat Weibel represented the seller, the Foundation for Jewish Philanthropies, based in New York. The asset was purchased by Benderson Development Company from University Park, Florida, and the property traded for $6.8 million at a 4.50 percent cap rate.
“We are excited to have had the opportunity to close another Whole Foods transaction – our industry-leading fourth sale in the last eight months,” said Weibel, Director in Stan Johnson Company’s Solana Beach, California office. “As always, Whole Foods commanded tremendous demand from the market and being offered at a smaller price point for a single-tenant Whole Foods, the Mishawaka location drew even more attention than normal. We received interest across the spectrum of buyers, from private individuals, investment funds, REITs and other institutional investors.”
Just three miles from the University of Notre Dame’s campus, the property serves the entire South Bend MSA as the only Whole Foods within 75 miles. It was originally constructed as a build-to-suit in 2012 on 3.34 acres, and it features a long-term triple net lease.
“With a record number of marketing package requests, we were able to generate multiple offers and secure a buyer who completed the transaction in just 10 days, from contract to close,” added Weibel.