Last week GlobeSt.com reported that a freestanding Wegmans in Fredericksburg, VA is up for sale. The asking price is $25 million - a 4.25% cap rate. The property includes an outparcel that a restaurant could build on, among other attributes.
Jonathan Hipp, Calkain Cos. principal, is marketing the property. "I have never seen one for sale," he said. "Wegmans is a very popular credit."
Hipp pointed to a few McDonald's locations which recently went up for sale when their cap rates fell below 5. "It just took one well-executed deal for other owners to put their properties on the market," said Hipp, who believes the same situation could arise once a Wegmans deal take place.