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|3000 UNIVERSITY DRIVE
AUBURN HILLS, MI
- Stabilized Asset with Global Tenancy with Value-Add Returns
- Contractual Rental Growth with Tenant Lease Terms Increases Net Operating Income
- Strategic Corporate Headquarters Location
- Desirable Newly Renovated On-Site Amenities
- Outstanding Visibility and Access
- Offered “Free and Clear” without Existing Debt
|5425 DIXIE HIGHWAY
- 100% occupied, 610,808 square foot industrial warehouse distribution facility leased to two tenants, L&B Cartage and Central Warehouse Operations, Inc.
- Proximity to I-75 allowing the ability to service both northern and southern Michigan.
- 32 foot clear ceiling height, 50x50 column spacing and ample truck staging areas.
- Secure Income stream, attractive triple net lease structure, and thriving market with deep labor pool.
901 WILSHIRE DRIVE, TROY, MI
- Institutional grade office asset with strong tenancy
- Steady income stream with value-added component
- The 171,165 square foot multi-tenant office building also benefits from its flexible floors plates, covered executive parking, recent interior upgrades to common areas, along with an established and diverse tenant roster.
- Northwestern Mutual Life Insurance Company ("Northwestern Mutual"), Keller Williams (Stoney Creek Realtors, LLC), Wilshire Benefits Group., the respected law firm of Hickey, Cianciolo, Fishman and Atkins, and Core3 Solutions, among others, add to the stability of the in-place income.
- Dynamic corporate submarket with robust office market fundamentals
- Located within metropolitan Detroit’s second largest suburban office submarket, the Property is situated within the epicenter of Troy’s recent development activity.
1670-1720 E. SHERMAN BLVD., MUSKEGON, MI
- The Property is 100% leased, offering investors a stable cash low stream
- The tenant lineup has minimal short-term rollover (7+ years weighted average lease term)
- Nearly 84% of Sherman Center is occupied by strong national tenants
- High traffic counts with outstanding access
- Strong retail corridor located across from Walmart Supercenter and Sam’s Club, creating a surge of traffic
- Robust tourism trade given its location along the Lake Michigan shoreline
HENRY FORD OPTIMEYES
735 JOHN R ROAD, TROY, MI
- The opportunity to acquire fee interest in a 25,983 square foot, net leased Henry Ford OptimEyes.
- Located in Troy, a north suburb of Detroit, the tenant has been at this location since 2009 and recently executed an early ten-year renewal option. The tenant will be relocating their headquarters to this location as well.
- Positioned within the Troy retail corridor, one of the most highly trafficked, well-established, sought-after retailer trade areas in Metro Detroit. The corridor is anchored by Oakland Mall, a 1.5 million square foot regional mall anchored by Macy’s, JCPenney, Sears, and Dick’s Sporting Goods.
- Highly visible from John R Road, a primary north-south thoroughfare with traffic counts of 32,000 vehicles per day. Also accessible from I-75 and 14 Mile Road which have traffic counts of 158,500 and 47,650 vehicles per day, respectively.
GREEN ORCHARD SHOPPING CENTER
- Green Orchard Shopping Center - a 387,210 sf Retail Center located in Walker, MI. The center is fully leased and includes major tenants such as Kohl's (base lease thru 7/2028), AMC (base lease thru 12/2032), OfficeMax (base lease thru 12/2028), Burlington Coat Factory, Hobby Lobby, and Shoe Carnival.
- The property is located three miles north of Grand Rapids, MI, one of the fastest growing economies in Michigan. In 2017, the economy added jobs faster than any other metro area or division in the state. At 3.5% in December, the jobless rate is steady near its cycle low, holding firm despite a rebound in the labor force late in the second half of 2017. Average hourly earnings are up 5% from a year ago, the swiftest pace since early 2015. Wage and salary income is rising at an above-average rate.
- Green Orchard Shopping Center is anchored by Kohl’s, Burlington Coat Factory, AMC, Hobby Lobby, Shoe Carnival, & Office Max providing credit and complimentary retail uses. The weighted average remaining lease term at the center is 7.7 years.
- The majority of leases date back to the original development in the early 1990’s, underscoring the desirability of the site and the success of retailers in the trade area. The average historical occupancy is 25.9 years.
- Burlington Coat Factory and Hobby Lobby are currently subleasing their space from a single purpose entity Ruby Walker LLC. The terms of their subleases are not available, but the lease with Ruby Walker is significantly below market at $5.43 PSF Gross and expires 12/31/21, with six 5-year renewal options remaining. The incoming investor has the ability to negotiate a buyout with Ruby Walker LLC or recapture the space and lease directly to tenants at market should Ruby Walker elect not to renew their lease at expiration.
- AMC is the largest movie company in the world with 1,027 theaters and 11,247 screens across the globe, and has been at this location since 1991. In 2015, AMC extended their lease term through December 2032 with four 5-year options to extend remaining. In 2017, $5.8 million was spent on renovations to this 18-screen location, the cost of which was split between the Landlord and Tenant. The next closest national movie theater company is an AMC in Holland, MI, approximately 21 miles away.
- The weighted average in-place rent at the center is only $7.31 PSF providing investors with a low basis and the ability to grow NOI over time should any tenant vacate.
- The center is located on Alpine Avenue in Walker, MI, the primary retail corridor serving north Grand Rapids. There is over 1M SF of retail along Alpine Avenue, creating an expansive draw for retailers in the node. National tenants include Meijer, Wal-Mart, Home Depot, Marshalls, Target, Bed Bath & Beyond, and Michaels.
- AMC’s parcel contains a developable area at the northern edge of the parcel. The area can include a one-story building containing not more than 6,000 square feet plus parking and common area. This provides an incoming investor the opportunity to grow NOI over their hold period through the development of the site or subsequent sale of the vacant pad.
FIELD AND STREAM
750 JOHN R ROAD, TROY, MI
- The opportunity to acquire fee interest in a 50,000 SF Field & Stream located in Troy, Michigan, a northern Detroit suburb.
- Field & Stream’s 15 year lease currently has 13 years of term remaining. The lease includes rental increases throughout & four, 5-year options to extend.
- Field & Stream is located just north of Oakland Mall, a 1.5 million SF regional mall anchored by Macy’s, JCPenney, Sears, and Dick’s Sporting Goods.
- Field & Stream is located in the heart of one of metro Detroit’s largest and most dominant retail corridors which encompasses approximately 7 million square feet of retail GLA.
- Located on the ring road of Oakland Mall, Field & Stream is easily accessible via two highly trafficked local roads: 14 Mile Road (47,650 VPD) and John R Road (32,000 VPD).
- Field & Stream serves a primary trade area that extends three-miles in all directions. Within this trade area is an estimated population of 111,877 people earning an average household income of $73,832
CHILI'S BAR & GRILL
402 W. 14 MILE ROAD, TROY, MI
- The opportunity to acquire fee interest in an absolute NNN Chili’s Grill & Bar ground lease located in Troy, Michigan, a northern Detroit suburb. Chili’s Grill & Bar is owned and operated by Brinker International, one of the world’s leading casual dining restaurant companies.
- Chili’s Grill & Bar has been a tenant at this location since 1993 and recently signed a five-year renewal option, showing a strong commitment to the site and the trade area. The lease includes an additional renewal option with a strong rental increase.
- Chili’s Grill & Bar is located just north of Oakland Mall, a 1.5 million square foot regional mall anchored by Macy’s, JCPenney, Sears, and Dick’s Sporting Goods. Oakland Mall has a long, successful operating history since its original development in the mid-1960s.
- Located on the perimeter of Oakland Mall, Chili’s Grill & Bar is easily accessible via two highly trafficked local roads: 14 Mile Road (47,650 VPD) and John R Road (32,000 VPD).
- Chili’s Grill & Bar serves a primary trade area that extends three-miles in all directions. Within this trade area is an estimated population of 111,877 people earning an average household income of $73,832.
ART VAN FURNITURE PORTFOLIO
BAY CITY, PORT HURON, WARREN, WATERFORD, MI
Art Van Furniture Inc. is the #1 furniture and mattress retailer in the Midwest. The company has grown faster than the furniture industry as a whole and as of 2016, operates 117 locations (a 19% increase over the 98 locations the company had in 2015) making it the 18th largest furniture retailer in the U.S.
- 19.5-year NNN master lease with attractive annual rent increases (lesser of 1.25x CPI or 2%) and four 5-year options to renew. Additionally, at the commencement of each option, the annual rent shall be adjusted to the greater of (i) Fair Market Rent or (ii) 102% of the previous rent.
- The subject properties have shown consistently increasing store sales. The robust sales, combined with the reasonable rents, provide for ideal Rent-to-Sales ratios and EBITDAR coverages.
- The properties are all strategically positioned within high traffic, densely-developed corridors and are surrounded by an abundance of synergistic national retailers within strategic markets in Michigan.
- Flexible Bidding Structure: Seller will strongly consider both portfolio and individual offers.
TRILLIUM CIRCLE VILLAGE
GRAND BLANC, MI
- Merrill Lynch, Pierce, Fenner & Smith, a subsidiary of Bank of America, occupies 73% of the property
- 95% occupied by a financially stable tenant base
- Averaging remaining term exceeds seven (7) years
- Favorable ownership lease structure
- Situated in growing market anchored by a regional medical center
- Offered without existing debt
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