Investment Highlights
- 87.16 Percent Occupied, 314,438 Square Foot Factory Outlet Center Situated Along the I-96 Corridor Between Detroit and Lansing, Michigan
- High-Yield Opportunity – 14.83 Percent Cap Rate on In- Place NOI Offering 25 Percent Year One C/C Return and 20 10-Year Leveraged IRR with Proposed Low-Leverage Debt Terms (60% LTV, 6.5% IR)
- Offered Well-Below Replacement Cost at $70 per Square Foot
- Free and Clear of Debt Allowing Prospective Purchaser to Secure New Financing According to Investment Strategy
- Strong Value-Add Potential – Potential to Increase NOI by Over $1 Million by Year Three via Lease-Up of Remaining 40,382 Square Foot Vacancy; 10 Units Ranging from 1,800 - 6,400 Square Foot
- 84 Percent of Occupied Gross Leasable Area is Leased to National Tenants (46 of 55 Tenants); Only Nine Tenants Totaling 34,971 Square Foot (16 Percent of Occupied Gross Leasable Area) are Regional or Local
- 1.3 Million Customer Visits in Past 12 Months with Customer Average Household Income of $109K and Median Household Income of $86K (Source: Placer.ai)
- Zero Competition in Surrounding Area – Nearest Competing Factory Outlet Center is Located One-Hour Northeast in Auburn Hills and Retail at Next Closest Exits is Necessity-Based (Walmart, Lowe's, Meijer, Fast Food)
Exclusively listed by
Broker of Record
Steve Chaben
Senior Vice President / Regional Manager
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