• Ingles Supermarkets – Moody’s Rating Ba1. The company operates 198 supermarkets and is listed on the NASDAQ under the ticker symbol IMKTA. The company has a market cap of 1.73B as of 8/31/22.
• Lease Renewals – Ingles recently exercised options for 5-year lease extensions in Trenton, GA and Jasper, TN. The company has operated in the same location in Summerville, Trenton, and Jasper for over 30 years.
• Roof Warranty – The manufacturer’s warranty is effective throughout much of the portfolio.
• Price Per Square Foot – The average asking price for the portfolio on a per square foot basis is $63.45.
• Value Add – The properties each have current vacancy that will increase value and cash flow upon lease up. Market Place Shopping Center in Summerville, GA is 83.5% occupied, Market Place Shopping Center in Trenton, GA is 84% occupied, and Valley Plaza in Jasper, TN is 94.67% occupied.
• Ingles Low Rent to Sales Ratio
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