| Metric | Details |
|---|---|
| Entity / Legal Name | Moran Foods, LLC (Save A Lot) |
| Historical acquisition | Sold by SUPERVALU in December 2016 to SAL Acquisition Corp, an affiliate of Onex Partners Manager LP; confirm current ownership separately |
| Credit Ratings | no verified rating |
| Individual Store Credit | About 125 corporate stores and about 520 licensed stores (2025 company report); check whether the lease is with a Save A Lot entity or the licensee |
| Investment Grade Status | Not Yet Verified |
| Sector | Discount Grocery / Hard Discount Retail |
| US Store Count | Approximately 650 stores in 29 states (company release, August 6, 2026) |
| Median asking cap rate | Insufficient tracked listings to report a median |
| Typical Lease Term | Varies; confirm in the lease |
| Guarantee Type | Save A Lot entity or licensee; confirm per lease |
| Typical Building Size | Varies; confirm for each property |
Save A Lot: no confirmed agency rating. No rating for Save A Lot 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.
Save-A-Lot Business Overview & NNN Investment Profile
Save-A-Lot is a discount grocery chain with approximately 650 stores in 29 states (company release, August 6, 2026). Its 2025 report counts about 125 corporate stores and about 520 stores owned and operated by independent licensed Retail Partners, with 61% of stores in rural areas, 29% in suburban areas and 10% in urban areas. Founded in 1977, the chain was later owned by SUPERVALU, which sold it on December 5, 2016 to SAL Acquisition Corp, an affiliate of Onex Partners, for $1.365 billion in cash. Save A Lot says it has alternated between a licensee-led model and operating its own stores, and in 2025 it decided to prioritize corporate store growth, so a store may be run by Save A Lot itself or by a licensee.
Save-A-Lot’s Market Position: Small-Format Value Grocer
Save A Lot describes its stores as smaller than large supermarkets, with a select assortment of everyday items, and its 2025 report puts 61% of its stores in rural areas, 29% in suburban areas and 10% in urban areas. Whether a store serves an area with few other grocery options is a property-level question, so check local competition and the store’s sales history.
Competitors can include other discount grocers such as ALDI and Lidl, and dollar stores such as Dollar General and Dollar Tree. Check which of them operate near a specific store.
Save-A-Lot NNN Lease Structure
Save-A-Lot lease terms vary; confirm the initial term, renewal options and rent increases in the lease. Save A Lot describes its stores as smaller than large supermarkets, and a smaller box can suit several re-tenanting categories if needed.
Save-A-Lot NNN Cap Rate & Pricing
We do not currently track enough Save-A-Lot listings with published asking cap rates to report a median. The table below shows live asking cap rates for Dollar General, a peer discount retailer, for context only; Dollar General figures are not a Save-A-Lot median.
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Dollar General | BBB / Baa3 | 7.00% | 6.60% to 7.75% | 533 | +176 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Save A Lot.
Pricing for a specific store depends on its sales history, local competition, the lease term and who signed the lease.
Comparable NNN Tenants
| Comparable Tenant | Rating |
|---|---|
| ALDI | No verified rating coverage found for an ALDI entity |
| Dollar General | BBB/Baa3 |
| IGA | Individual Operator |
Save-A-Lot NNN Benchmark for 1031 Buyers
Save-A-Lot should not be benchmarked against rated grocery credits without adjusting for operator structure. The first screen is whether the lease is backed by a Save A Lot entity or by an independent licensed operator, because that determines whose credit supports the rent; ask lenders how they view that tenant entity before committing.
- 1031 fit: use the best investment grade NNN tenants for 1031 exchange framework to decide whether any extra yield compensates for operator credit without a verified agency rating.
- Peer benchmark: compare Save-A-Lot with ALDI / Trader Joe’s, IGA Supermarkets, and Piggly Wiggly before identifying replacement property.
For owners, Save-A-Lot assets should be positioned around tenant structure, store sales, market necessity, and alternative grocery demand before choosing a public listing or confidential off-market disposition process.
Is Save-A-Lot investment grade?
Not on an agency basis. We have no verified current S&P, Moody’s or Fitch rating on file for Moran Foods, LLC (Save A Lot), so we do not treat it as investment grade. Its stores are run either by Save A Lot itself (about 125 corporate stores in its 2025 report) or by independent licensees, so a lease is backed either by a Save A Lot entity or by the individual licensee’s own credit, plus any guarantor named in the lease.
Who is the tenant on a Save A Lot lease?
Save A Lot runs some stores itself and licenses others. Some leases may name a Save A Lot entity as tenant, with Save A Lot or a licensee subtenant running the store; others are signed by the licensee directly, who carries their own individual credit quality. Determining which structure applies to a specific property is essential before committing to due diligence.
Save-A-Lot Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Save-A-Lot 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.
