A brokerage team led by Evan Whelan, Josh Symonette, and Matt Wister has closed the sale of a newly constructed United Supermarkets store in Lovington, New Mexico, for $19 million at a 5.9% cap rate. The deal places the single-tenant grocery asset into a buyer's larger $33 million 1031 exchange, accounting for roughly half of the total exchange requirement. The 48,997-square-foot store was built in 2026 and operates under a new 20-year absolute NNN lease corporately guaranteed by Albertsons, which carries an S&P credit rating of BB+ and generates more than $80 billion in annual revenue. The lease includes 5% rent increases every five years and eight five-year option periods, with the tenant covering all taxes, insurance, and maintenance. The property is located at the intersection of State Highway 82 and North Main Street, a busy commercial corridor in Lovington.
Albertsons CompaniesAlbertsons' subsidiary United Supermarkets secured a $19M net lease deal with a 20-year term and 5% rent escalations, enhancing its real estate portfolio and long-term lease income.