Burlington

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Burlington

3450 W. South Airport Rd Traverse City MI Grand Traverse County

Sales Price: $4,258,954

Cap Rate: 6.50%

Contact Person(s): Daniel H. Kukes
Jason M. Greenspan
Kevin J. Baker
Maxwell E. Lippitt

Description:

MAIN & MAIN:

  • Located on the pad of Grand Traverse Mall (598,000 SF) anchored by Target, Macy’s, JCPenney & TJ Maxx, with excellent visibility, access and prominence.

MINIMAL LANDLORD RESPONSIBILITIES:

  • Tenant is 100% responsible for payment of real estate taxes, insurance, and common area maintenance. The common areas are to be administered and maintained by the adjacent owner. Landlord is responsible for roof and structure.

ONLY BURLINGTON IN NORTHERN MICHIGAN:

  • This will be the first and only Burlington to open in Northern Michigan. The closest location is located in Norton Shores, MI (133 miles from the current site), and Saginaw, MI (145 miles from the current site).

STRONG MARKET/REGIONAL TRADE CORRIDOR:

  • Traverse City is the strongest and only regional market in Northern Michigan. The corridor pulls shoppers from the surrounding counties of Wexford, Manistee, Benzie, Leelanau, Kalkaska, and Atrim. Traverse city’s population has grown 6.8% over the last 10 years.

CREDITWORTHY TENANT WITH STRONG CORPORATE FINANCIALS:

  • Over the last five years, Burlington revenues have grown approximately 50% to $7.3 billion, and EBITDA grew at a CAGR of 15% to approximately $874 million in 2019.

Building Size: 34,604 SF

Lot Size: 2 acres

Demographic Info:

Radius: 5 Mile 7 Mile 10 Mile
Population Density: 48,206 66,027 86,420
Avg. HH Income: $76,059 $81,751 $83,577

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.