west acres commons - Landmark Investment Sales

Transcription

west acres commons - Landmark Investment Sales
WEST ACRES COMMONS
Flint Township, Michigan
95,139 SF
OVERVIEW
Landmark Investment Sales is pleased to present the opportunity to acquire West Acres Commons, a 95,139 SF value-add
neighborhood center with 65,000 SF vacant in Flint Township, MI (Flint MSA). The center offers investors in-place NOI of
$646,000 during the two year redevelopment period. West Acres Commons was originally developed for Farmer Jack (A&P),
and subsequently leased to VG’s Supermarket (Spartan Stores) through 8/31/2018. The center is located in the 4.9M SF
Corunna Road-Miller Road-Linden Road retail trade area. The Former VG’s space (59,889 SF) is one of the only remaining box
spaces in the trade area (less than 4% vacancy).
KEVIN J. BAKER
DANIEL H. KUKES
LOUIS J. CIOTTI
SCOTT J. LANDERS
Principal
Principal
Associate
Associate
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[email protected]
(248) 488-2620
[email protected]
(248) 488-2620
[email protected]
(248) 488-2620
[email protected]
(248) 488-2620
27995 Halsted Road, Suite 150
Farmington Hills, MI 48331
Phone: (248) 488-2620
landmarkinvestmentsales.com
WEST ACRES COMMONS
Flint Township, Michigan
95,139 SF
AVAILABLE
BOX
27995 Halsted Road, Suite
27995150
Halsted Road, Suite 150
Farmington Hills, MI 48331
Farmington Hills, MI 48331
Phone: (248) 488-2620
landmarkinvestmentsales.com
WEST ACRES COMMONS
Flint Township, Michigan
95,139 SF
INVESTMENT HIGHLIGHTS
IN-PLACE NOI
West Acres Commons has in-place NOI of $646,000 which allows investors the time necessary to execute a
redevelopment strategy and re-tenant the center.
RETAILER INTEREST
Despite recent press, retailer sales in the Flint-Genesee Valley Mall trade area are above average. In the past several
years, there has been multiple new retail development and several more planned. The Retailer Void Analysis
demonstrates a multitude of tenant scenarios for the re-positioning of West Acres Commons.
LOCATION
West Acres Commons is a 95,089 SF value-add neighborhood center with 65,000 SF vacant in Flint Township, MI (Flint
MSA). Located at the northwest quadrant of Corunna Rd (18,900 CPD) and Linden Rd (18,603 CPD) in Flint Township,
five miles west of the City of Flint. The center is west of I-75 highway (69,700 CPD). This is a solid location for value
retailers which desire close proximity to the Miller Road regional retail corridor.
ROBUST TRADE AREA
There are over 4.9 million square feet of retail space in the Corunna Road-Miller Road-Linden Road trade area. Nearby
retailers include: the Genesee Valley Mall (1.3M SF), Walmart, Sam’s Club, Home Depot, Kroger, Lowe’s, Rite Aid, Aldi,
Target, Bed Bath & Beyond, Kohl’s, Michaels, TJ Maxx, and Babies ‘R Us, to name a few. Of the over 4.9 million square
feet of retail real estate, less than 4% is vacant.
SUMMARY OF PRIMARY TENANTS
TENANT
SF
EXPIRATION
VG’s Foods (dark)
59,889
8/31/2018
Hallmark
5,000
2/28/2018
ELGA C.U.
6,000
1/31/2019
Hong Kong Buffet
5,000
9/30/2017
VIDEO
PROPERTY INFORMATION
Address:
5080 W. Corunna Rd
Flint Twp, MI
Size:
95,139 SF
Occupancy:
30.53%
In-Place NOI:
$646,458
Pricing:
$6,000,000 (10.77% cap)
Price Per SF:
$63.06/SF
Click the link to watch drone video footage of this property: https://vimeo.com/159802825
27995 Halsted Road, Suite
27995150
Halsted Road, Suite 150
Farmington Hills, MI 48331
Farmington Hills, MI 48331
Phone: (248) 488-2620
landmarkinvestmentsales.com
WEST ACRES COMMONS
Flint Township, Michigan
95,139 SF
TRAVERSE CITY
GRAND
RAPIDS
FLINT
LANSING
DETROIT
ANN ARBOR
KALAMAZOO
JACKSON
DEMOGRAPHICS
RADIUS
Population Density
Average Household Income
1 MILE
3 MILE
5 MILE
4,136
38,009
108,847
$45,473
$50,564
$44,599
KEVIN J. BAKER
DANIEL H. KUKES
LOUIS J. CIOTTI
SCOTT J. LANDERS
Principal
Principal
Associate
Associate
--------------------------
--------------------------
--------------------------
--------------------------
[email protected]
(248) 488-2620
[email protected]
(248) 488-2620
[email protected]
(248) 488-2620
[email protected]
(248) 488-2620
27995 Halsted Road, Suite 150
Farmington Hills, MI 48331
Phone: (248) 488-2620
landmarkinvestmentsales.com