Art Van Furniture

Asset Type

Retail

Address
8300 N Wayne Rd Westland, MI United States 48185-1338
Asking Price

S$23,690,000

Sq Footage

79,480

Year Built

1987

Cap Rate

7.40%

Additional Attributes

Property Description

JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Art Van Furniture store located in Westland, Michigan, part of the Detroit MSA. Art Van is a leading furniture retailer with over 200 stores concentrated in the Midwest, possessing an impressive track record of corporate sales growth and customer loyalty. The tenant committed to a brand new 20-year absolute NNN lease at this location approximately two and a half years ago, and investors will benefit from the 17.5 years of contractual lease term remaining. Additionally, the 2.0% annual rent escalations provide income growth throughout the term and are designed to hedge against inflation. The highly-flexible 5.2 acre parcel is located in a strong retail trade area proximate to Westland’s main shopping center, just 15 miles from downtown Detroit.

Investment Highlights

  • Dominant midwestern furniture retailer
  • Fully guaranteed absolute NNN lease, no landlord responsibilities
  • Demographically strong retail location in revitalized Detroit MSA
  • Growth focused private equity sponsorship since 2017
  • Part of the largest Detroit retail submarket by inventory, under construction SF, and prior 12-month net absorption
Listing Contacts
Peter Bauman
Peter Bauman
SVP, Capital Markets
+65 3159 4021
AZ - SA647389000 NV-186153
Larry Emmons
Larry Emmons
Managing Director
+65 3159 4021
MI - 6502393806
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