Rick Ross, Senior Director of The Net Lease Group (NLG) arranged the sale of a retail/distribution facility leased for 10 years to Flowers Baking of Villa Rica, LLC, a wholly owned operating subsidiary of Flowers Foods, Inc. (NYSE: FLO). The property is located in Griffin, Georgia. A 1031 exchange buyer acquired the asset.
Generating multiple offers, NLG put the property under contract within several basis points of the asking price. The NN 10-year Flowers lease contained fixed annual rent escalations in year six.
Flowers Foods, Inc. generated 2019 FY sales of $4.1 Billion through a nationwide network of 49 bakeries which operate as wholly owned subsidiaries. Flowers’ mix of brands includes Nature’s Own, Wonder Bread, and Sunbeam, along with organic brands, Dave’s Killer Bread and Alpine Valley Organic.
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