Albertsons
Baskersfield, CA
Albertsons Companies LLC is an American grocery company founded and based in Boise, Idaho. It is privately owned and operated by investors, including Cerberus Capital Management.
With 2,200 stores and more than 250,000 employees, the company is the second largest supermarket chain in North America after Kroger, which has 2,778 stores. Prior to its January 2015 merger with Safeway Inc. for 9.2 billion, it had 1,075 supermarkets located in 29 U.S. states under 12 different banners. Its predecessor company, Albertsons, Inc., was reorganized as Albertsons LLC and sold to AB Acquisition LLC (a Cerberus Capital Management–led consortium).
After buying back the majority of its former stores it sold to SuperValu in 2006, AB Acquisition announced it would change its name to Albertsons Companies Inc. in 2015. The company’s corporate name was Albertson’s until 2002, when the apostrophe was removed.
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Typical Lease Characteristics
Lease Term: 15-20 Years Years
Lease Type: NNN(absolute Net)
Lease Extensions: 5-6 (5) Year Options
Lease Guarantor: Corporate
Tenant Overview
From its small roots, Albertsons has a risen to a nationally-recognized brand located in 33 states and the District of Columbia. Today, Albertsons is owned by Cerberus Capital Management, who also acquired the grocery chain Safeway in 2014. Albertsons operates under 18 well-known banners which include Safeway, Vons, Jewel-Osco, United Supermarkets, and Tom Thumb, to name a few.
In all, despite not being rated publicly, Alberstons provide numerous compelling reasons to be invested in. Given the increased competition within its market and continued pressure from online sales however, special consideration must be given to demographics, and store sales.
Positives:
- Nationwide presence with high brand recognition
- Multiple Brands managed creating economies of scale
- Typically Long term leases with increases
Negatives:
- Unique buildout and large spaces make it more challenging to re-tenant
- Currently not rated
- Faces pressures from Online Grocers
Market Snapshots:
On Market Ranges:
# of Properties in set: 1
Price: $10,850,000 - $10,850,000Average: $10,850,000
PPSF: $186 - $186Average: $186
Year Built: 2005 - 2005Average: 2005
CAP Rate Range: 4.84% - 4.84%Average: 4.84%
Size range: 58,254 sq ft - 58,254 sq ft Average: 58,254 sq ft
Last 12 Month Range:
# of Properties in set: 2
Price: $7,889,700 - $10,895,300Average: $9,392,500
PPSF: $163 - $202Average: $187
Year Built: 1984 - 2005Average: 1994
CAP Rate Range: 4.67% - 6.05%Average: 5.50%
Size range: 43,484 sq ft - 58,254 sq ft Average: 50,869 sq ft
Albertsons Similar Tenants
Albertsons Company Profile
Parent Company: Cerberus Capital Management
Industry: Retail / Grocery
# of Employees: 164,000