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Shoppes of Grove - Grove, OK 1702 & 1722 S Main st 62,225 SF 100% Leased Retail Building Grove, OK 74344 $12,626,560 CAD ($202.92 CAD/SF) 6.67% Cap Rate
INVESTMENT HIGHLIGHTS
- The Shoppes of Grove boasts a strong national tenant mix, including Ross Dress For Less, Marshalls, Bealls, and a Starbucks outparcel.
- Over 68% of the income stream is guaranteed by investment-grade credit, providing a new investor with a high level of long-term security.
- Providing a new buyer opportunity to sell Starbucks separately in the future.
- WALT of over 8 years, providing longterm passive investment with minimum landlord responsibilities.
- 100% of the tenants have increases every 5 years, providing a consistent hedge against inflation.
- Leases negotiated in 2022 resulting in below market rents and low cost per square foot to the new investor.
EXECUTIVE SUMMARY
Sands Investment Group is pleased to exclusively offer for sale the new construction 62,225 SF Shoppes of Grove featuring Ross, Marshalls, Bealls, and a 2,225 SF Starbucks outparcel located at the signalized intersection of S Main St & W 18th St in the city of Grove, Oklahoma. With a WALT of over 8 years and 68% of the GLA made up of investment-grade credit, this asset provides an investor with a long-term, secure income stream. Each lease features increases every 5 years, providing a hedge against inflation. The subject property is situated on the main retail arterial within the trade area and benefits from a destination location across the street from a Walmart Supercenter, Lowe's Home Improvement, and other high-profile retailers. Offered at below $146 PSF and a 6.67% CAP rate, this opportunity offers an attractive yield compared with alternative investment opportunities at below replacement cost.
In Cooperation With Sands Investment Group Oklahoma LLC – Lic. #207753 BoR: Tom Gorman – Lic. OK #207754
In Cooperation With Sands Investment Group Oklahoma LLC – Lic. #207753 BoR: Tom Gorman – Lic. OK #207754
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
62,225 SF
Year Built
2000
Price
$12,626,560 CAD
Price Per SF
$202.92 CAD
Cap Rate
6.67%
NOI
$841,829 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.27
Lot Size
5.25 AC
Frontage
543’ on East 18th Street
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Burkes Outlet (Bealls)
- Retailer
- 20,000 SF
- -
- Triple Net
- Jan 2035
- Marshalls
- Retailer
- 22,000 SF
- -
- Triple Net
- Sep 2034
- Ross Dress For Less
- Retailer
- 18,000 SF
- -
- Triple Net
- Jan 2035
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Burkes Outlet (Bealls) | Retailer | 20,000 SF | - | Triple Net | Jan 2035 | |
| Marshalls | Retailer | 22,000 SF | - | Triple Net | Sep 2034 | |
| Ross Dress For Less | Retailer | 18,000 SF | - | Triple Net | Jan 2035 |
NEARBY MAJOR RETAILERS
CONTACTS
-
Daniel Hoogesteger -
Dan Coyle -
Mitchell Fenske -
Thomas Gorman -
Sands Investment Group
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Shoppes of Grove - Grove, OK | 1702 & 1722 S Main st
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