2509 E Monument St
Baltimore, MD 21205
Save-A-Lot | Dense, Urban Location · Retail Property For Sale

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the fee simple interest in this Save-A-Lot grocery store located in Baltimore, Maryland. The Tenant, Moran Foods LLC, doing business as Save-A-Lot, is subject to a new 10-year net lease with a seven percent (7%) rental increase in year six and in each of the four, five-year option periods. The Tenant completely renovated this location in 2016 at its sole cost, including a new roof, HVAC, Electrical system and parking lot, which explains the very replaceable rental rate of $12 per square-foot. The lease is guaranteed by Moran Foods LLC, a near investment grade credit tenant; it is rated B2/Stable by Moody' s. Moran Foods LLC is a discount grocery chain that operates about 1,370 stores in 40 states under the Save-A-Lot banner. In October 2016, Onex, an Ontario-based private equity investment firm and holding company, agreed to buy Moran Foods (dba Save-A-Lot) from prior owner SuperValu. Save-A-Lot is currently the second largest hard discount grocery store operator in the United States behind Aldi. The Property is strategically located in a highly dense, Baltimore neighborhood with limited grocery store competition. Save-A-Lot occupies a 15,497 square-foot building at the signaled intersection of East Monument Street and North Milton Avenue. The Tenant benefits from this prominent corner location with 82 feet of frontage and 20 rare off-street parking spaces. On average, 18,361 vehicles travel past the site per day with the addition of pedestrian trade given the neighborhood' s walkability. The neighborhood features more than 49,000 people within a one-mile radius of the Property. The Tenant is in proximity to notable retailers Dollar Tree, Metro PCS, Shoe City and The Northeast Market, and importantly Johns Hopkins University Hospital and School of Medicine. Johns Hopkins Hospital is located on East Monument Street just 800 yards west of the Subject Property. Johns Hopkins Hospital is widely regarded as one of the world' s greatest hospitals. It was ranked by U.S. News & World Report as the best overall hospital in America for 21 consecutive years. It is a 1,145-bed, Level 1 adult and pediatric trauma center that treats 115,000 inpatient admissions and 350,000 emergency visi