Joann Fabrics and Crafts

20550 E 13 Mile Rd Roseville , MI 48066-4542

Joann Fabrics and Crafts - Retail for sale


JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Joann Fabrics and Crafts store (the “Property”, or “Asset”) located in Roseville, Michigan. Strategically positioned on the premier outparcel of The Home Depot adjacent to Interstate 94, the Property is ideally positioned to benefit from traffic from across Detroit’s “East Side”. An exit ramp just 700 feet from the Asset generates significant traffic to the location, with over 102,000 vehicles passing on I-94 to-and-from downtown Detroit, and an average of 23,700 vehicles traveling on 13 Mile Road daily. Additionally, this location is important to Joann Store’s presence in southeast Michigan, as there are no other locations within 7 miles and this store serves over 315,000 residents within its trade zone, securing the longevity of the tenancy. With six years remaining on their double-net lease and four, five-year options for renewal, investors can anticipate continued renewals at the Property, each which provide rental appreciation. This offering presents the unique opportunity to acquire a stabilized net lease investment for a low basis with limited downside risk, as Joann is anticipated to continue operations and many national and local brands would desire space at the Property.

Investment Highlights

  • As an outparcel to The Home Depot, the Asset is located within the primary retail destination of Detroit’s East Side; retailers in the immediate vicinity include Meijer, Kroger, Taco Bell, CVS, McDonald’s, and many more.
  • The Property is subject to a double net lease with minimal landlord responsibilities, six years of primary term remaining, four, five-year options for renewal, and rental increases in the option terms.
  • The tenant, Joann Stores, Inc., is the corporate entity and is one of the leaders in the craft retail stores segment; Joann operates 865+ stores in 49 states and has an estimated 25.6% market share in their segment.
  • This location is important for Joann Stores, with no other locations within 7 miles: it fills a void for the retailer in the region; the Property serves the residents of Roseville, Warren, St. Claire Shores, Fraser, and Clinton Township totaling over 315,000 residents.
  • With a renovation completed in 2013 compliant with Joann Stores’ specifications, the tenant is committed to this primary retail location. These recent renovations also mitigate concerns about landlord responsibilities, providing a passive income stream with minimal maintenance.
  • Joann Stores, Inc. is backed by Leonard Green and Partners.

Property Type Retail
Property Subtype Single Tenant / Standalone
Tenure Type Sale / Purchase
Property Address 20550 E 13 Mile Rd, Roseville, MI 48066-4542
Land In Acres 2.65
Building Size 33,160  ft2
Price $4,215,974
Cap Rate 7.60%
Current NOI $320,414.00
Tenant's Name JoAnn Fabrics Corporation
Lease Type NN
Annual Rent $320,414.00
Lease Expiration Date 01/31/2026
Remaining Term 6.7Yrs

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