Oregon’s Most Loved Retailer
A 196,601 SF Single-Tenant Net Lease Investment
The Opportunity
Fred Meyer | Bend, Oregon
Institutional Property Advisors presents the fee-simple interest in a 196,601-square-foot Fred Meyer single-tenant net lease investment in Bend, Oregon. Fred Meyer Stores, Inc. master-leases the full ±19.19-acre premises through January 22, 2046, with payment and performance backed by an absolute and unconditional guaranty from The Kroger Co.
Annual Minimum Rent of $1,600,000, about $8.14 per square foot, sits well below prevailing market rents. The tenant covers taxes, utilities, insurance, compliance, and nearly all maintenance and repairs, leaving the landlord with limited ongoing responsibilities.
Fifteen successive five-year renewal options extend automatically unless Fred Meyer provides 270 days' notice to cancel, giving the lease a potential term reaching well beyond a century while the initial term alone carries roughly 19 years of remaining income.
19 Years
of Term
Initial Lease Runs Through 2046 with fifteen successive five-year options that automatically renew.
Single-Tenant
Master Lease
Fred Meyer leases the entire premises. Shop Space occupants are subordinate subtenants and create no separate landlord exposure.
36 Years
Operating History
Fred Meyer has operated at this location since the property opened in 1990, an established relationship with the surrounding trade area.
Credit, Term, and Cost Basis Advantages.
Absolute Guaranty From The Kroger Co.
The Kroger Co. guaranty is absolute and unconditional, survives lease assignment, permits the landlord to proceed directly against the guarantor following default, and requires the guarantor's written consent before any amendment that increases tenant obligations.
Automatic Renewal Across Fifteen Five-Year Options
Fifteen successive five-year options renew automatically, giving the lease a potential term reaching well beyond a century.
Basis Below Comparable Replacement Cost
At $142.42 per square foot, the acquisition basis compares favorably to the cost of replacing a comparable large-format property once land, fuel center, parking, site work, and entitlements are considered.
Credit, Term, and Cost Basis Advantages.
Tenant Covers Nearly All Operating Costs
Fred Meyer covers real estate taxes, utilities, insurance, legal compliance, and substantially all structural and non-structural maintenance, repairs, and replacements.
High-Visibility Site On Highway 97
Visitor Traffic Growing Across Three Years
By the Numbers
Unique annual visitors to the property with 1.6M annual visits
Years of continuous Fred Meyer operating history at this site
Vehicles per day on Highway 97
Bend population growth since 2020
Contact the Investment Advisors for more information:
Tom Lagos
Executive Director
C 310 722 8939
tlagos@ipausa.com
Patrick Toomey
Executive Director
C 310 403 4984
ptoomey@ipausa.com
Jose Carrazana
Director
C 786 973 8929
jcarrazana@ipausa.com