Asking Price
Sq. Footage 79,480
NOI Net Operating Income
Cap Rate 7.40%

Attributes

Year Built 1987
Lease Type NNN
Current / Passing Rent
Lease Expiration 2037-02-28
Remaining Term 17 years, 1 month
Tenant ART VAN FURNITURE Incorporated
Lot Size 5.18 ACRES

Property Description

Art Van, a single-tenant furniture store is up for sale in Westland, Michigan, part of the Detroit MSA. A leading furniture retailer with over 200 stores concentrated in the Midwest, it possesses 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 property is in a strong retail trade area proximate to Westland’s main shopping center, just 15 miles from downtown Detroit. 

Investment Highlights

  • Fee Simple Interest
  • Dominant mid-western 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 sub-market by inventory, under construction SF, and prior 12-month net absorption
Peter Bauman
Peter Bauman
SVP, Capital Markets
Licensed in
AZ - SA647389000 NV-186153
Larry Emmons
Larry Emmons
Managing Director
Licensed in
MI - 6502393806

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