Florida-based Benderson Development bought a 4.5-million-square-foot, 28-property portfolio of absolute net-leased Fred Meyer superstores in a sale-leaseback transaction.
Institutional Property Advisors, a division of Marcus & Millichap, was the exclusive advisor to Cincinnati-based The Kroger Co. and Portland-based Fred Meyer Stores in the sale of the superstores, which consist of 380 acres across Washington, Oregon, Idaho, and Alaska. The Fred Meyer store chain is a wholly owned subsidiary of Kroger.
Kroger will execute new, 25-year absolute net leases for each property with an initial portfolio-wide base rent totaling $25 million per year, according to Patrick Toomey, IPA executive director.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
