Citizens Bank

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Citizens Bank

7205 N. Wayne Road Westland MI Wayne County

Sales Price: $1,739,130

Cap Rate: 5.75%

Lease Expiration: 6/30/2026

Contact Person(s): Louis Ciotti
Maxwell Lippitt

Description:

  • ABSOLUTE NNN LEASE:
    Zero landlord responsibilities, Tenant responsible for all building repairs and replacements.
  • CREDIT TENANT:
    Citizens Bank (NYSE: CFG) is one of the region’s largest financial institutions with over 1,100 bank branches and 17,500 employees. Citizens currently has over $151 Billion in deposits and an A-2 S&P Credit Rating.
  • REGIONAL TRADE AREA:
    Subject property sits in the heart of Westland’s retail corridor surrounded by national tenants such as Lowe’s, Meijer, Target, Best Buy, Kohl’s, Ashley, Harbor Freight, Burlington, Five Below, etc.
  • LONG-STANDING TENANT:
    Citizens Bank has been at this location since 2006 and recently signed a new lease renewal in May of 2020.
  • EXCELLENT ACCESS POINTS:
    There are two access points into the property off Warren Road, one access off Wayne Road and one access through Westland Mall parking lot.

Building Size: 3,007 SF

Lot Size: 1.10 AC

Zoning: CB-2

Demographic Info:

Radius: 1 Mile 3 Mile 5 Mile
Population Density: 14,903 99,594 275,837
Avg. HH Income: $59,984 $76,273 $81,601
Daytime Population: 5,087 49,060 127,590

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.