Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2009
Building Area
Land Area

Property Description

JLL is pleased to exclusively offer the opportunity to acquire a two-tenant retail property leased to Family Dollar and Jimmy Jazz in the Detroit, MI MSA. Family Dollar has been at this location since 2009 and in March of 2019, they extended their lease 10 years, demonstrating a commitment to the location. Jimmy Jazz just executed a brand new 10-year lease. Rent commenced in May 2020 and their lease features attractive, 2.00% annual rental increases. Both tenants have two (2), five (5) year options that remain.

The property benefits from surrounding retailers such as Lowe’s, The Home Depot and McDonald’s. Additionally, mall traffic in and around the area contributes to the 24,450 vehicles that pass the premises daily.

Investment Highlights

  • Family Dollar & Jimmy Jazz both have new 10-year leases in place and future rental increases of 22.00% and 2.00%, respectively; each tenant also has two (2), five (5) year options remaining
  • The two-tenant building is surrounded by nationally recognized retailers such as Lowe’s, The Home Depot and McDonald’s, further increasing traffic in and around the area
  • The location benefits from a 3-mile population of over 163,741 and an average household income of $68,589
  • Harper Woods is located in the Detroit MSA and is situated just 12 miles from the city’s CBD
  • The Property is situated along Eight Mile Road – one of the main thoroughfares that has exposure to over 24,450 VPD


Last Updated Date: 05 Oct 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

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Last Updated Date: 05 Oct 2020

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