RECENT LEASE RENEWALS / STAGGERED LEASE ROLLOVER
- Michael’s recently signed an early renewal and extended their term through 2/28/2025.
- Gordon Food Service (“GFS”) renewed for two additional terms through 3/19/2027. It is also important to note that GFS is a long term ground lease. They are currently paying only $4.58/SF which significantly below comparable market rents.
- Comcast has renewed their lease through 5/31/2026
REGIONAL MALL LOCATION / BARRIERS TO ENTRY
- Jackson West is located adjacent to Jackson Crossing Mall (635K SF) and shadow anchored by Lowe’s Home Improvement Center.
- The I-94 / US-127 interchange is a highly desirable location for retailers due to its bi-directional traffic east-to-west and north-to-south. This regional location has major barriers to entry and historically low vacancy rates for junior box tenants.
- There is significant retailer interest in the former Sears box located directly east of Jackson West. Major retailers such as Hobby Lobby, Burlington, TJ Maxx, Old Navy and Five Below have all expressed interest. The
- Sears box is currently under contract with a developer who plans to redevelop and subdivide the box for prospective tenants.
ATTRACTIVE LEVERAGE OPTIONS AVAILABLE
- Investors can capitalize on low interest rates which will enhance yields and improve cash flows and IRR’s. Inquire with Broker for recent debt quotes.