| Metric | Details |
|---|---|
| Corporate Entity | SpartanNash Company, a wholly owned subsidiary of New Mackinac HoldCo, Inc. since C&S Wholesale Grocers completed its acquisition on September 22, 2025 (Form 8-K); Family Fare is a SpartanNash retail banner |
| Grocery Banners | Family Fare, Martin’s Super Markets, Community Markets, Needler’s Fresh Market, Chief Markets, D&W Fresh Market, VG’s Grocery and others (December 28, 2024, Form 10-K) |
| Credit Ratings | no verified rating |
| Investment Grade Status | Not Yet Verified |
| Sector | Regional Supermarket / Grocery Distribution |
| Corporate Retail Store Count | 196 (December 28, 2024, last Form 10-K) |
| Distribution Network | Independent and chain retailers, national accounts, and U.S. military commissaries and exchanges |
| Median asking cap rate | No eligible benchmark (fewer than three tracked listings with a published asking cap rate) |
| Typical Lease Term | Varies; confirm in the lease |
| Guarantee Type | Varies; confirm the current guarantor named in each lease after the C&S acquisition |
| Stock Ticker | None; formerly SPTN (NASDAQ), delisted after the September 2025 C&S acquisition |
| Annual Revenue | $9.55B net sales (FY2024, last full year reported as a public company, Form 10-K) |
| Typical Building Size | About 11,000 to 90,000 SF; average about 42,000 SF (December 28, 2024, Form 10-K) |
| Geographic Focus | Ten Midwest states: Iowa, Indiana, Kentucky, Michigan, Minnesota, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin (December 28, 2024, Form 10-K) |
Family Fare (SpartanNash): no confirmed agency rating. No rating for Family Fare (SpartanNash) has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Family Fare / SpartanNash Business Overview
SpartanNash Company, formerly listed on NASDAQ (SPTN) and owned by C&S Wholesale Grocers since September 22, 2025, is a Grand Rapids, Michigan-based grocery distribution and retail company that operates two distinct business segments: a retail grocery operation under multiple Midwest banners including Family Fare, Martin’s Super Markets, D&W Fresh Market and VG’s Grocery; and a wholesale distribution operation serving independent and chain retailers, national accounts and U.S. military commissaries and exchanges. SpartanNash’s fiscal 2024 Form 10-K described it as among the largest distributors to the U.S. military commissary system by annual sales, with military sales of $2.33 billion in 2024, which diversifies its revenue beyond grocery retail.
SpartanNash Credit Analysis
We have not independently verified a current agency rating for SpartanNash Company, so this page treats its rating status as unknown: neither investment grade nor below investment grade. Its fiscal 2024 Form 10-K described it as among the five largest wholesale distributors in the nation by annual revenue. The retail segment, 196 corporate-owned stores as of December 28, 2024, competes with supercenters, limited-assortment stores and other grocers. In wholesale, about 90% of 2024 net sales to independent retailers and national accounts were covered under supply agreements (Form 10-K).
SpartanNash acquired or built 52 retail stores in 2024 (Form 10-K) and has filed no Form 10-K or 10-Q with the SEC since its Form 10-Q for the quarter ended July 12, 2025, before the C&S acquisition (SEC EDGAR filing index, checked October 8, 2026). Without a verified rating, assess the actual risk: ask about the specific store’s sales and performance, confirm the tenant and any guarantor, and request financial statements from the tenant and any guarantor.
SpartanNash NNN Lease Structure & Cap Rates
No eligible benchmark is available: InvestmentGrade.com does not currently track at least three active Family Fare / SpartanNash listings with a published asking cap rate, so no table or median is shown.Lease terms vary; confirm the term, rent schedule and guarantor in each lease. SpartanNash’s corporate stores ranged from about 11,000 to 90,000 square feet, averaging about 42,000 square feet, as of December 28, 2024 (Form 10-K).
SpartanNash NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Military commissary distribution diversifies revenue | No confirmed agency rating: confirm the current owner and tenant entity |
| Family Fare was its largest banner, 95 stores as of December 28, 2024 | Retail stores compete with supercenters and limited-assortment grocers |
| About 90% of 2024 wholesale net sales to independent retailers and national accounts were under supply agreements (Form 10-K) | Mid-sized regional operator vs. national grocery giants |
| Grocery is a necessity-based format | No SEC periodic reports filed by SpartanNash since its Form 10-Q for the quarter ended July 12, 2025 (checked October 8, 2026) |
What grocery stores does SpartanNash own?
As of December 28, 2024, its last Form 10-K, SpartanNash operated 196 corporate-owned stores under banners including Family Fare (95 stores in seven states, including Michigan), Martin’s Super Markets (Indiana and Michigan), Community Markets and Needler’s Fresh Market (Indiana and Ohio), Chief Markets (Ohio), D&W Fresh Market (Michigan) and VG’s Grocery (Michigan). Banner does not determine the guarantor; confirm the tenant and guarantor named in each lease.
Is SpartanNash investment grade?
Not established. We have not independently verified any current S&P, Moody’s or Fitch rating for SpartanNash Company, which C&S Wholesale Grocers acquired on September 22, 2025, so this page treats it as neither investment grade nor below investment grade. Family Fare is a SpartanNash retail banner; we found no separate agency rating for it. SpartanNash has filed no Form 10-K or 10-Q with the SEC since its Form 10-Q for the quarter ended July 12, 2025, so confirm the tenant and any guarantor named in each lease and review the financial information they provide.
Family Fare / SpartanNash Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Family Fare / SpartanNash properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Related NNN Tenants
1031 buyer benchmark: regional grocery credit vs. national grocery credit
Family Fare / SpartanNash can fit a 1031 buyer seeking grocery necessity retail, but its credit should be evaluated on its own rather than assumed to match national grocers such as Costco, Walmart or Kroger. No current agency rating for SpartanNash has been independently verified, so underwrite the named tenant and any guarantor on the financial information they provide, the store’s performance, rent relative to market, and the real estate’s re-leasing prospects.
