A Safeway property in Conifer is now on the market for $16,283,000. The retail property spans 65,800 square feet and includes a gas station. SRS National Net Lease Group is the listing broker for the offering.
The property, which features a cap rate of 6.5% and a net operating income of $1,058,417, is leased under NNN terms with a multi-brand tenancy, predominantly Safeway. It was built in 2006 and renovated in 2023. The grocery store recently integrated its liquor store for a better customer experience.
Safeway has over six years left on its current lease, with nine five-year options for renewal remaining. The site benefits from minimal competition, with the nearest Safeway more than eight miles away and located on a primary thoroughfare that sees 22,000 vehicle passages daily.
The Conifer Town Center, which houses the Safeway, also features a variety of other businesses including Starbucks and Anytime Fitness, drawing significant consumer traffic. The surrounding area has roughly 14,325 residents and an affluent average household income of $182,576.
This listing presents an investment opportunity targeted at passive investors seeking stable, low-management property options.
Source: Property Listing
