April 2020

Recently Sold – Safeway Grocery Store, Lacey, WA

Exterior view of a Safeway grocery store in Lacey, WA at dusk, featuring illuminated signage, glass front doors, and parked cars outside.

Thomas Company is pleased to announce the sale of a Safeway grocery store in the Olympia, WA MSA. The tenant had executed a 20-year absolute-net lease with fixed rent increases, providing the investor long-term, stable cash flow. The purchaser was seeking exposure to the Pacific Northwest region and was attracted to the property’s essential business use.

Albertsons Companies, LLC (“Albertsons”, or the “Company”) is the 2nd largest traditional grocer in the United States serving over 34 million customers per week and generating $60 billion in sales annually. As of June 2017, the Company operated 2,329 stores across 35 states under 20 well-known banners with long operating histories.