JOANN

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JOANN

600 Brown Rd Auburn Hills MI Oakland County

Sales Price: $7,545,428

Cap Rate: 7.00%

Contact Person(s): Daniel Kukes
Jason Greenspan
Max Lippitt

Description:

PUBLICLY TRADED COMPANY

  • JOANN Inc, recently became a public company and is currently listed on the Nasdaq under JOAN. Forbes Article
  • Quick Facts:
    $2.33B in Total Assets
    Q1 FY 2022: Net sales increased 15.0% compared to the same period last year, to $574.4 million, with total comparable sales also increasing 15.0%. On a two-year stack, total comparable sales increased by 13.0%
    855 retail stores in 49 states

STRONG RETAIL LOCATION

  • The subject property sits adjacent to a well-performing Target and across from a Meijer.
  • Other big box retailers anchor the corridor including Costco, Sam’s Club, Best Buy, and Home Depot.

ESTABLISHED LOCATION WITH RENT INCREASES

  • JOANN has been at this location since 2000, and has maintained strong sales.
  • Over seven years of term remain on this lease with attractive lease bumps running through both option terms.

HIGH TENANT DEMAND

  • Several big box users have expressed interest in this coveted retail corridor creating high demand for this location in the futur

Building Size: 44,015 SF

Lot Size: 8.81 AC

Demographic Info:

Radius: 1 Mile 3 Mile 5 Mile
Population Density: 1,179 38,641 133,210
Avg. HH Income: $127,216 $83,560 $96,137

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.