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Fresh Thyme Farmers Market Analysis

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Autor:   •  July 2, 2018  •  Case Study  •  1,143 Words (5 Pages)  •  38 Views

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The tenant in this deal is Lakes Venture, LLC that operates under the trade name Fresh Thyme Farmers Market. Fresh Thyme is a farmer’s market style grocery chain that is quickly expanding across the Midwest United States. The chain first started in suburban Chicago in April 2014, and now operates in 67 stores across eleven states with plans to open nine additional stores this year. Fresh Thyme Farmers Market markets themselves as new specialty grocers, featuring healthy and organic value-priced offerings. They offer a new type of shopping experience in the Midwest region. The first Fresh Thyme location was in Mount Prospect, Illinois and opened in April 2014. As of today there 67 locations across Iowa, Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Nebraska, Ohio, and Wisconsin. There are currently nine stores under construction across five states, which is part of the company’s aggressive expansion plan to eventually have a footprint of 150 stores across the Midwest. To keep up with the growing demand for these new stores, Fresh Thyme has built a 320,000 square foot distribution center in 2016.

Fresh Thyme Farmers Market’s unique differentiator is offering fresh and healthy food at value prices in a vibrant shopping environment. Their stores don’t follow traditional grocery store layouts. Instead, Fresh Thyme Farmers Markets are designed their markets to be simple and easy to navigate making the shipping experience easier and more enjoyable. The company believes healthy eating is based on incorporating more fresh fruits and vegetables into a daily diet. Thus, at the core of their offerings is a diverse produce department, with a wide selection of fruits and vegetables, fresh from the farm, and often locally grown. Fresh Thyme Farmers Market makes produce the focal point of their stores - ensuring the entirety of fruits and vegetables are visible from all other departments. Surrounding the produce department is natural meat, which is raised without hormones and antibiotic free. In addition to the meat department is seafood that is brought in daily, breads and hot baked goods from local bakeries, pre-made meals, barrels full of natural and organic bulk foods, locally roasted organic coffee beans, nutritious and natural groceries, environmentally safe cleaning supplies, specialty foods, gluten free dairy options, vitamins, and body care products. Fresh Thyme Farmers Market merges the spirit of a weekend farmers market with the convenience of a neighborhood store to offer a new, healthy and affordable natural food shopping experience in the Midwest.

The building size of this deal is 28,780 square feet with a total land area of 4.024 acres. The property is within a high-density, rapidly expanding retail corridor surrounding Interstate 675 and Wilmington Pike interchange. As a result, there is easy access to and from the property from nearby major highways. Retail developments in the immediate area include Sugarcreek Crossing, Sugarcreek Plaza 1, and Sugar Creek Plaza 2. Sugarcreek Crossing is a 324,000 square feet shopping center, which includes the subject property, as well as Home Depot, PetSmart, Target, several freestanding strip centers, outlets with local and national retailers and restaurants. Sugarcreek Plaza 1 is a 152,000 square foot community center anchored by Bed Bath & Beyond, with an inline center that contains a roster of local and national tenants, including Sherwin-Williams and Chipotle. Additionally, the center features two freestanding restaurants currently leased to Fazoli’s and Panera Bread. Sugarcreek Plaza 2 is a 291,000 square foot community center anchored by Walmart Supercenter, with approximately 25 other retailers and restaurants, including Aldi, Staples, PNC Bank, Buffalo Wild Wings, Dollar Tree, McDonald’s, Starbucks, Applebee’s, Arby’s, Taco Bell, Jimmy John’s, Burger King and Sprint. Other nearby retail locations nearby Lowe’s, Kohl’s, Chase, Fifth Third Bank, Steak n’ Shake, O’Reilly Auto Parts, Advance Auto Parts, Kroger, Walgreens, Holiday Inn Express, and others.

The subject property is a recently built Class A grocery construction. The property has a triple net lease with a 10% rental increase every five years. Class A properties represent the highest quality buildings in their market and area. They are generally newer properties built within the last

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