Premium grocery backed by Amazon, at larger price points, and what to check before you buy, from a NNN buyer’s broker with 225+ transactions.
A Whole Foods Market NNN property is a premium grocery store, typically about 40,000 square feet, either freestanding or anchoring a shopping center, leased on a long-term net lease of about 15 to 20 years, usually with 10% rent increases every five years. Whole Foods has about 550 stores in the U.S., Canada and the U.K., concentrated in affluent, highly educated trade areas. Amazon bought Whole Foods for $13.7 billion in 2017, and Whole Foods leases are now commonly guaranteed by Amazon.com, Inc., rated AA by S&P and A1 by Moody’s, one of the strongest credits in net lease. As with any net lease, confirm exactly who signs and guarantees the lease before you price a Whole Foods purchase or 1031 exchange.
Solid Investments FL has represented buyers on 225+ NNN transactions totaling more than $1 billion, including grocery-anchored and Amazon-leased properties. See them in our track record. Our buyer representation is always free to you.
| Tenant / guarantor | Whole Foods Market entity as tenant, commonly with an Amazon.com, Inc. guarantee; confirm on each lease |
|---|---|
| Guarantor credit | Amazon: S&P AA / Moody’s A1 |
| Parent company | Amazon.com, Inc. (Nasdaq: AMZN), owner since August 2017 |
| Stores | About 550 in the U.S., Canada and the U.K.; headquartered in Austin, Texas |
| Typical store | About 40,000 SF; smaller urban formats are being tested |
| Typical lease term | About 15–20 years on new leases, with multiple options |
| Lease type | Single-tenant stores often absolute NNN; shopping-center leases are mostly NN (landlord covers roof, structure or parking lot) |
| Rent increases | Typically 10% every 5 years |
| Typical cap rate (2026) | About 4.75%–5.75%, depending on lease term, guarantor and location |
| Typical price range | About $15M–$40M+ |
Store counts and credit ratings as of October 2026. Cap rates and pricing reflect current market conditions and vary by deal.
Whole Foods leases are commonly guaranteed by Amazon.com, Inc., rated AA by S&P, which is why Whole Foods trades at low cap rates for a grocer. Confirm the guarantee is in the lease you are buying, especially on older leases.
Corporate grocery leases often don’t require the tenant to report store sales. Focus on what you can verify: trade-area incomes and population growth, nearby competition, and how long Whole Foods has operated at the site.
With 15–20 year leases, remaining term drives value. A store with only a few years left trades at a higher cap rate and depends on renewal, so check the option periods and any early termination rights.
Many single-tenant Whole Foods deals are absolute NNN, with no landlord responsibilities. Leases in shopping centers are mostly NN, leaving the roof, structure or parking lot to the landlord. On an NN deal, get a property condition report and price those costs into your offer.
Whole Foods picks sites with high incomes and dense, educated populations. Those demographics make the real estate valuable to the next tenant too, which is your long-term protection.
At $15 million to $40 million+, Whole Foods attracts fewer buyers than smaller net lease deals. That can mean better pricing for well-capitalized 1031 buyers and institutions willing to step up.
When a Whole Foods is sold fee simple, you own a large building and site improvements, and that basis is depreciable. The building is depreciated over 39 years, and a cost segregation study can move parts of the property, like the parking lot, lighting, signage and certain interior improvements, into shorter 5-, 7- or 15-year lives to accelerate deductions.
On a $20 million-plus property, the building and improvements can represent a very large depreciable basis, which can shelter much of the rental income for years.
Parking lots, site lighting, signage, landscaping and certain interior finishes typically qualify as 5-, 7- or 15-year property instead of 39-year building.
On a property this size, a cost segregation study almost always pays for itself. Your CPA can estimate the first-year benefit before you commit.
1031 exchange buyers: how much of your basis is eligible depends on how your exchange is structured. Depreciation recapture applies when you sell, passive-activity rules can limit who benefits, and state conformity varies. This is general information, not tax advice — confirm with your CPA and a cost segregation specialist before you buy.
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, with 225+ NNN transactions totaling more than $1 billion. We help investors and 1031 exchange buyers find, underwrite and close Whole Foods Market and other grocery net lease properties nationwide, and our buyer representation is free.
As of 2026, Whole Foods Market net lease properties generally trade around 4.75% to 5.75% cap rates, depending on the remaining lease term, the tenant entity, the lease structure and the location.
Commonly, yes. Since buying Whole Foods in 2017, Amazon.com, Inc., rated AA by S&P and A1 by Moody's, is commonly the guarantor on Whole Foods leases. Always confirm the guarantee in the specific lease you are buying, especially on older leases.
Most single-tenant Whole Foods properties trade between about $15 million and $40 million or more, depending on the market, building size and lease terms.
For larger exchanges, it can be an excellent fit: a premium grocer in affluent trade areas, long lease terms and an Amazon guarantee. The key items to review are the tenant and any guarantor, landlord responsibilities and the remaining lease term.
If you buy it fee simple, yes: you own the building and site improvements, which can be depreciated, and on a property this size a cost segregation study can produce significant first-year deductions. Confirm with your CPA.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
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