Haggerty Plaza - CVS

1791 S Haggerty Rd Canton , MI 48188-3161

Haggerty Plaza - CVS - Retail for sale

Overview


JLL is pleased to offer for sale the fee-simple interest in a CVS-anchored neighborhood shopping center (the Property, or Asset) located in Canton, Michigan. With a brand new 20 year extension on CVSs lease and another renewal from the second largest tenant (Jade Child Development Center), future ownership benefits from a weighted average remaining lease term of 12.0 years with significant, steady cash flows over the course of the desired hold period. Additionally, the Property is uniquely positioned as the only retail shopping center within a two-mile radius, allowing tenants to directly benefit from the surrounding dense and affluent population base. This also reinforces the security in the tenancy, as this shopping center sees outstanding traffic, explaining the recent renewals by CVS and Jade and continued occupancy from the other tenant operators.

Investment Highlights


• The Property is anchored by a CVS who recently extended their lease another 20 years, making the NOI-weighted average remaining term 12.0 years.

• Surrounding the Asset is a dense and affluent population base with over 72,000 residents boasting an average household income of $85,000 within a three-mile radius.

• The Property is uniquely positioned as the only retail center within a two-mile radius and is one of few parcels zoned commercial in the region.

• Located in a suburb of Detroit, the Property benefits from the strong investment and influx of business into the city.

• The tenant mix has had a long history of at or near full-occupancy, allowing peace of mind for future ownership as lease renegotiation or backfill has historically been stress-free.

• The Property has been maintained actively over the course of the past five years, with over $200,000 in improvements going to a resurfaced parking lot and sidewalks, new lights, cleaned and new pipes in the retention pond, and catch basin improvements.
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 1791 S Haggerty Rd, Canton, MI 48188-3161
Land In Acres 3.78
Building Size 25,020  ft2
Financial
Price $5,250,000
Cap Rate 6.26%
Current NOI $328,688.00
Lease
Tenant's Name Jet's Pizza
Annual Rent $18,000.00
Lease Expiration Date 06/30/2021
Remaining Term 2.2Yrs