Art Van Furniture

8300 N Wayne Rd Westland , MI 48185

Art Van Furniture - retail for sale

Download offering memorandum

Overview



JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Art Van Furniture store located in Westland, Michigan, part of the Detroit MSA. Art Van is a leading furniture retailer with over 200 stores concentrated in the Midwest, possessing 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 parcel is located in a strong retail trade area proximate to Westland’s main shopping center, just 15 miles from downtown Detroit.

Investment highlights


  • Dominant midwestern 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 submarket by inventory, under construction SF, and prior 12-month net absorption
General
Property type Retail
Property subtype Single tenant/Standalone
Tenure type Sale/Purchase
Property address 8300 N Wayne Rd, Westland, MI 48185-1338
Market Detroit
Land in acres 5.18
Building size 79,480  ft2
Year built 1987
Financial
Price $17,893,000
Cap rate 7.15%
Current NOI $1,279,321.00
Lease
Tenant's name ART VAN FURNITURE Incorporated
Lease type NNN
Annual rent $1,279,321.00
Lease expiration date 02/28/2037
Remaining term 17.5Yrs

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