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.
- 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