Save-A-Lot Onex PE-backed discount grocer, non-investment grade. ~850 US stores (corporate + licensed). 7.50–9.00% NNN cap rates, $1.5M–$4.5M price range. Corporate vs. licensee guarantee distinction critical. Q1 2026.

Publix employee-owned, privately held — 1,432 stores, ~$60B revenue, zero layoffs in 95 years. No public credit rating but near-IG pricing. 5.25–6.25% NNN cap rates, $8M–$20M price range. Top 1031 target. Q1 2026.

Piggly Wiggly is a franchise brand owned by C&S Wholesale — no corporate guarantee on store leases. ~530 US franchise locations. Individual operator credit only. 7.50–9.50% NNN cap rates, $1.5M–$5M price range. Q1 2026.

Meijer privately held by Meijer family since 1934. No public credit rating. ~270 Midwest supercenters, $22B+ revenue, invented the supercenter format. 5.75–6.75% NNN cap rates, $12M–$25M+ price range. Q1 2026.

IGA is a cooperative franchise — each store is independently owned, no corporate guarantee. ~900 US locations. Critical underwriting guide for evaluating individual IGA operator credit. 7.00–9.00% NNN cap rates. Q1 2026.

Hy-Vee employee-owned, privately held — no public credit rating. ~285 stores across 8 Midwest states. $13B+ revenue, zero bankruptcy history. 6.25–7.25% NNN cap rates, $8M–$18M price range. Q1 2026.

Giant Food Stores backed by Ahold Delhaize BBB/Baa1 investment grade. ~190 PA/MD/VA/WV stores. 5.50–6.50% NNN cap rates, $7M–$16M price range. Distinct from Giant Food (DC metro). Q1 2026.