Grocery stores, characterized as essential needs, have been among the most stable property types in rent collection with a rent collection rate of 93 percent compared to the national retail rent collection rate of 86 percent, according to CBRE research. With that in mind, one essential needs grocer recently changed hands in Anaheim.

A Los Angeles-based private investor recently purchased the Grocery Outlet, a 26,414-square-foot retail property, for $5.82 million. The grocer is located at 3430 West Lincoln Ave. on a 2.04- acre lot with a dedicated pylon sign facing Lincoln Avenue, a heavily trafficked access road to several major freeways. This Grocery Outlet is situated just two miles south of Knott’s Berry Farm and six miles east of Disneyland.

Alan Krueger and Vanessa Haddad with CBRE represented the buyer and seller, Land Investments.

“The sale of Grocery Outlet in Anaheim represents a record-breaking low-cap-rate sale for any of the chain’s locations in California over the past two years,” said Haddad. “Its value only increased during the pandemic as investors sought tenants categorized as essential needs.”