Haggerty Plaza - CVS

Asset Type

Retail

Address
1791 S Haggerty Rd Canton, MI United States 48188-3161
Asking Price

S$7,193,000

Sq Footage

25,020

Year Built

2000

Cap Rate

6.26%

Additional Attributes
Current / Passing Rent S$57,870
Lease Commencement 2014-06-01
Lease Expiration 2019-05-31
Lease Type NNN
Tenant Green Olive Meat Market
Current / Passing Rent S$54,250
Escalations $0.50 PSF annually
Lease Commencement 2018-01-01
Lease Expiration 2020-12-31
Tenant Jade Schools
Current / Passing Rent S$90,420
Lease Commencement 2018-01-01
Lease Expiration 2020-12-31
Lease Type NNN
Tenant Jade Schools
Current / Passing Rent S$24,660
Escalations $0.50 PSF every 2 years
Lease Commencement 2011-07-01
Lease Expiration 2021-06-30
Tenant Jet's Pizza
Tenant Industry Hospitality/Leisure
Escalations 5% in options
Lease Commencement 2017-10-01
Lease Expiration 2039-12-31
Lease Type NN
Options 4, 5-year options
Rent Commencement 2017-10-01
Tenant CVS Health

Property Description

CVS-anchored shopping center for sale in Canton, Michigan. CVS just extended their lease for 20 years, and the second largest tenant, Jade Child Development Center, just renewed as well. The property sits in the only retail shopping center within a two-mile radius, allowing tenants to benefit from the surrounding dense, affluent population base. The outstanding traffic flow reinforces the continued occupancy of the tenants and the average household income is $85,000 within a 3-mile radius.

Investment Highlights

  • CVS just extended their lease for a 20-year term; making the NOI-weighted average remaining term 12 years
  • Property has been maintained actively over the last 5 years, with over $200,000 in improvements to parking lot, sidewalks, new lights and more
  • Property benefits from strong investment and influx of business into the city
Listing Contacts
Alex Sharrin
Alex Sharrin
SVP, Capital Markets
+65 3159 4021
IL - 475.170243
Larry Emmons
Larry Emmons
Managing Director
+65 3159 4021
MI - 6502393806
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