Fort Gratiot Plaza

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Fort Gratiot Plaza

4025 24th Ave Fort Gratiot MI St. Clair County

Sales Price: UNPRICED

Contact Person(s): Daniel Kukes
Kevin Baker
Scott Sonenberg

Description:

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.

Building Size: 86,923 SF

Lot Size: 8.08 AC

Zoning: C-2

Demographic Info:

Radius: 1 Mile 3 Mile 5 Mile
Population Density: 4,210 25,126 48,714
Avg. HH Income: $68,380 $74,408 $71,262

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.