KOHL’S | 13 Years NNN Ground Lease | Detroit MSA

35000 Warren Rd, Westland, MI 48185, USA
$16,300,000

Description

Marcus & Millichap is pleased to present for sale this Kohl’s Net-Leased opportunity located in the Westland Shopping Center just outside of Detroit, Michigan. The subject property is comprised
of 90,860 Square Feet and sits on an 8.34 acre-parcel.
This main retail corridor is heavily trafficked with over 67,000 vehicles per day and benefits from a significant amount of retail presence. The Westland Center and the more than 130 stores in
the immediate area draw consumers from a 20-mile radius. The subject property also benefits from excellent visibility and serves over 277,000 full time residents in the trade area with an average
household income exceeding $71,000 annually. Additionally, the property has excellent ingress and egress with multiple points of entry. This Kohl’s is one of Kohl’s top-performing locations.
Due to a successful history at this location, Kohl’s executed a long term-lease with 13 years remaining on the initial term and four 5-year options to extend. The lease is an absolute NNN ground lease with zero landlord responsibility and provides increases every 5 years.
Detroit is the largest and most populous city in Michigan. The municipality of Detroit had a 2017 estimated population of 673,104, making it the 23rd-most populous city in the United States. The metropolitan area, known as Metro Detroit, is home to 4.3 Million people, making it the second largest in the Midwest after the Chicago metropolitan area.

  • Long Term Absolute NNN Ground Lease | Zero Landlord Responsibility
  • Kohl’s Executed a 15 Year Sale Leaseback in 2018 due to the Strong Performance of this Location
  • Rent Increases every 5 Years
  • S&P Credit Rated Tenant
  • Westland Shopping Center Location | Main Retail Corridor with Large Retail Presence
  • Over 67,000 Vehicles per Day
  • Over 277,000 Resident in the Market Area with an Average HHI Exceeding $71,000 Annually

Property Documents

  • City: Westland
  • State/county: Michigan
  • Zip/Postal Code: 48185
  • Country: United States

Detail

  • Price: $16,300,000
  • Year Built: 1996

Additional details

  • CAP RATE: 6.66%
  • NOI: $1,086,000

Features