Nine properties occupied by the Springfield-based grocery chain Price Cutter went up for sale yesterday, according to listing agent Mike Fusek of Sperry Van Ness Rankin Co.
Fusek said the nine Price Cutter stores would remain open.
“It’s not the businesses. It is the real estate only,” Fusek said of the listing.
The total sale price for the package is $27.7 million, with the average store size being 45,828 square feet. Price Cutter has between seven and 12 years left on its current lease agreements, with four five-year options to renew, Fusek said. Altogether, the properties represent more than 400,000 square feet in southwest Missouri and produce more than $2.3 million in annual rent.
The property owners, Fusek said, are a group of individual commercial real estate investors on the East Coast who decided to sell the properties together as a way to keep their collective portfolios closer to home.
The addresses of the nine properties listed are:
- 1720 W. Grand St., with 50,470 square feet at $223,500 annual rent;
- 1901 E. Division St., with 46,670 square feet at $300,000 annual rent;
- 2021 W. Republic Road, with 67,505 square feet at$367,600 annual rent;
- 1013 U.S. Highway 60 East in Republic, with 46,620 square feet at $250,000 annual rent;
- 708 S. Elliott Ave. in Aurora, with 46,444 square feet at$200,000 annual rent;
- 2150 E. Cleveland St. in Monett, with 46,620 square feet at$250,000 annual rent;
- 1503 W. MacArthur St. in Webb City, with 50,098 square feet at $205,000 annual rent;
- 500 Cherry St. in Nevada, with 30,924 square feet at$180,000 annual rent; and
- 1140 Jackson St. in Ozark, with 27,106 square feet at $170,000 annual rent.
Fusek said he already has worked to let potential buyers from across the country know about the local opportunity.
“We’ve sent out an e-mail blast to 65,000 commercial real estate brokers nationwide. In addition, we have it listed on seven different Web portals that advertise commercial real estate for sale, and we are making hundreds of phone calls to institutional buyers and high-net worth individuals that would have an interest in investment real estate,” Fusek said.
He said commercial properties with long-term tenants increase property values, and properties with recession-proof businesses are typically more attractive to buyers.
“There’s a high demand for grocery-leased properties, because regardless of the economy, people will continue to buy groceries,” Fusek said. “Some people like to invest in stocks and bonds, and some people like to invest in real estate.”
RPCS Inc. operates 48 retail grocery stores under names including Ramey’s, Price Cutter, Smitty’s and Food Pyramid, according to PriceCutterOnline.com.[[In-content Ad]]
