Bob’s Discount Furniture-Delta Crossing

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Bob’s Discount Furniture-Delta Crossing

NWC Saginaw Hwy & I-96 Lansing (Delta Township) MI Ingham County

Sales Price: $5,919,230

Cap Rate: 6.50%

Contact Person(s): Daniel Kukes
Jason Greenspan
Maxwell Lippitt

Description:

FINANCIALLY STRONG TENANT

  • Financially Strong Tenant: Bob’s Discount Furniture is ranked 12th in sales among United States furniture stores according to Furniture Today’s list of Top 100 Furniture Stores. 2020 revenue reached over $972M, with store count exceeding 135 units.

MOODY’S CREDIT UPGRADE:

  • Moody’s recently upgraded BDF Acquisition Corp.’s senior secured term loan rating to B2 from B3. Concurrently, Moody’s changed Bob’s outlook to positive from negative and affirmed the company’s B3 corporate family rating (CFR) and B3-PD probability of default rating (PDR). The change in outlook to positive from negative reflects the company’s strong operating performance and improvement in liquidity after its stores reopened, driven by the consumer’s focus on the home as a result of the pandemic and a favorable housing market.

DELTA CROSSING POWER CENTER:

  • Bob’s Discount Furniture is part of Delta Crossing, a brand new power center in Delta Township, MI. Co-Tenants include TJ Maxx, Sierra Trading Post, Hobby Lobby, BJ’s Wholesale Club with other big box retailers expected to join the lineup.

EXCELLENT ACCESS & VISIBILITY:

  • Bob’s Discount Furniture sits off of Saginaw Highway (25,084 cars per day) at the I-96 Interchange (59,025); one of the busiest highways in Mid-Michigan. The subject property has the best position within the shopping center occupying the end-cap which can be seen directly from Saginaw Highway.

DESTINATION RETAIL:

  • Delta Crossing is located only 8 miles from the State of Michigan Capitol Building, and 11 miles from Michigan State University, the largest university in the state (49,695 students).

Building Size: 27,000 SF

Traffic Count: Saginaw Highway (25,084 CPD) & I-96 Interchange (59,025 CPD)

Demographic Info:

Radius: 1 Mile 3 Mile 5 Mile 10 Mile
Population Density: 13,545 91,159 200,423 335,845
Avg. HH Income: $45,974 $57,046 $60,299 $76,294
Daytime Population: 1,465 5,021 9,419 14,470

LANDMARK INVESTMENT SALES – Licensed Real Estate Brokers. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates are used for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction, the suitability of the property for your needs.