Grocery anchor with falling sales and a comfortable occupancy cost ratio

A 41,000 sf grocery-anchored center came across my desk this week. Anchor has 8 years left plus four five-year options, base rent $11.75, and the seller volunteered store sales of $412 per square foot. Occupancy cost including CAM and taxes lands around 3.4%, which is comfortable by any measure I use. What I can't get past is that the same report shows $438 three years ago, and the chain shut six stores in the region last year (none in this trade area, which is exactly what a seller would tell me). Sales reporting also stops at the end of the current term, so the number goes dark right when I'd want it most...

The case for weighting the ratio: at 3.4% the store can absorb a lot of decline before the rent becomes the problem, and grocery margins are thin everywhere, so a soft trend is not a store-level verdict.

The case for weighting the trend: consolidation and e-grocery pull share store by store, and a chain that is trimming a region rarely stops at six. If the anchor goes dark the inline rents follow, co-tenancy clauses or not.

The third view is that none of this matters and I should price the dirt and the inline income as if the box is empty, then treat the anchor rent as upside. That buys at a cap I don't think this seller will meet.

What do you actually underwrite to on an anchor like this?