ValueRock Realty Sold a Single Tenant Sprouts Farmers Market in Folsom, CA for $11.3M
IRVINE, Calif., October 26, 2022 - ValueRock Realty, one of the nation's leading real estate investment and operating companies has sold the single-tenant net leased sale of a Sprouts Farmers Market in Folsom, CA. The grocery store was part of The Bidwell Center, near the Mercy Hospital, Folsom Middle School, Lembi Park, Kohl’s, Walmart, and 24-Hour Fitness. The sale price was $11.30 million, representing a 5.45 percent cap rate, one of the lowest cap rates for a single-tenant grocery store in Northern California, according to CoStar.
The property is located at 905 E. Bidwell St. and sits on a 2.70-acre parcel at a high-trafficked retail location adjacent to Target, Lowe’s, and Trader Joe’s. The tenant had a 15-year triple net lease with 10 years remaining and rental increases providing investors with a growing cash flow and a hedge against inflation. The property was part of a larger center including Planet Fitness and Petco.
About ValueRock Realty: ValueRock is one of the nation's leading real estate investment and operating companies. We seek to bring a strong, innovative entrepreneurial mindset to generate a positive impact and long-term value for our investors, assets, and communities. In operation for over 30 years, ValueRock brings a track record of over $30B in transactions in investment management, asset management, financing, development, leasing, and operations.