VALUE ADD OPPORTUNITY
- Gander Outdoors is paying dark rent until the end of their Lease Term in 2028.
- The Buyer would be able to cash flow the property at an attractive yield while planning how to re-tenant the current vacancy.
LONG TERM CREDIT ENHANCING RENEWALS
- CSL Plasma Inc. is new to the market and recently executed a new 15 year lease in 2016 (lease expires 11/30/31).
- Harbor Freight Tools has been operating at this center for over ten years and has recently executed a lease renewal in 2015 (lease expires 10/31/2022).
PRICED WELL BELOW REPLACEMENT COST
- Fort Gratiot Plaza will trade 50-75% below the replacement cost based on today’s construction costs.
STABLE TENANCY & INCOME STREAM
- 93% of income is derived from nationally recognized tenants.
REGIONAL MALL LOCATION/BARRIERS TO ENTRY
- Fort Gratiot Plaza is located within a half a mile from Birchwood Mall (725,000 SF) and is the beginning of the 24th Ave retail corridor
- 24th Ave. is a five lane thoroughfare with a strong retail concentration of big box and junior box Tenants. This regional trade area has major barriers to entry and historically low vacancy rates for junior and big boxes.