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Retail

Clinton Pointe

Clinton Township, MI

135,450 SqFt

Built in 1992

Value Add

Investment Highlights

  • 78 Percent Occupied, 135,450-Square-Foot Target-Shadowed Value-Add Shopping Center in Clinton Township, Michigan (Detroit MSA)
  • Shadow-Anchored by Target – Corporately Owned Land/Building, Maintains Own Parcel with No Common Area Maintenance Obligations from Clinton Pointe Owner
  • Anchored by T.J. Maxx (17.8 Percent of Gross Leasable Area) on Triple-Net Lease Through March 2028
  • Co-Anchored by Planet Fitness (17.3 Percent of Gross Leasable Area) – New 10-Year Lease in 2019 Through July 2029, 10 Percent Rent Increase in 2024
  • Offered Below Replacement Cost at $86 per Square Foot with Replaceable Rents Averaging $10.39 per Square Foot Triple-Net Lease
  • Additional Major National Retailers Include OfficeMax (17.1 Percent of Gross Leasable Area), Famous Footwear (11.8 Percent of Gross Leasable Area), and Dollar Tree (7.3 Percent of Gross Leasable Area)
  • Offers 8.79 Percent Year One Cash-on-Cash Return and 25.30 Percent 10-Year Leveraged IRR at Proposed 70 Percent Loan to Value Financing Terms
  • Upside Via Lease-Up of 29,585-Square-Foot Vacancy (21.8 Percent of Gross Leasable Area) – Three Small-Shop Units Ranging from 2,750 to 5,000-Square-Foot and One Vacant Box at 18,585 Square Feet

Exclusively listed by

Broker of Record

Steven Chaben

Senior Vice President / Regional Manager

(248) 415-2600

License(s): MI: 6502387903

Michigan

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