Colliers Completes Sale of High-Performing Albertsons in Buellton
Colliers International handled the nearly $19-million sale of an Albertsons store in Buellton. The roughly 45,000-square-foot net leased property is located at 212 E. Highway 246 and anchors the Buellton Shopping Center.
Local investor Investec acquired the 100%-occupied asset from Cardinal Capital. The investment provides stable long-term income due to the fact that Albertsons signed a new 20-year lease with favorable rent increases.
Colliers’ El Warner and Caitlin Zirpolo represented the seller, while the buyer was self-represented.
Warner says, “The sale of this single tenant grocery store at strong pricing is a reflection of the fact that buyer interest is high for grocery-anchored properties during the pandemic.” He notes this Albertsons is a high performing grocery store and the deal shows that despite the challenges faced by the retail sector, “the reality is there are winners to be found like this grocery store.”
The center is located next to the tourism-oriented city of Solvang and roughly 35 miles northwest of Santa Barbara.
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- ◦Sale/Acquisition