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|Current / Passing Rent||
|Remaining Term||17 years|
|Tenant||ART VAN FURNITURE Incorporated|
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.
- 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