PetSmart & Qdoba

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PetSmart & Qdoba

6910 Eastman Ave Midland MI Midland County

Sales Price: $3,157,000

Cap Rate: 7.50%

Contact Person(s): Daniel H. Kukes
Kevin J. Baker
Louis J. Ciotti

Description:

EXCEPTIONAL REAL ESTATE – PAD OF MIDLAND MALL

  • The property is very well located on the signalized corner of Eastman Ave & Cinema Dr. This location is the main entrance to Midland Mall (524,000 SF), which is anchored by Target, Barnes & Noble, & Dunham’s Sports, and Victoria’s Secret.

LONG TERM NNN LEASES – BELOW MARKET RENTS

  • PetSmart (exp. 1/31/2028) has been a tenant at the property since 2006. This is a profitable store with below market rent of $8.17 PSF. Recent lease transactions for similar size spaces in the market (in inferior locations) are $10.50 PSF+.
  • Southwind Restaurants, LLC dba QDOBA (exp. 1/31/2028) is a multi-store QDOBA operator in mid-Michigan. The have been a tenant at the property since 2008. Their current rent is well below market of $24.83 PSF.  Their lease provides 5.00% increases every five (5) years beginning 2/1/2023.  Recent lease transactions for similar restaurant users have been in the $35.00-$40.00 PSF range.

GREAT DEMOGRAPHICS, INCOMES, AND HIGH EDUCATION LEVELS

  • Avg. household incomes in the immediate one mile radius exceeding $125,900/yr.

Building Size: 30,587 SF

Available Space: 4,782 SF

Demographic Info:

Radius: 1 Mile 3 Mile 5 Mile
Population Density: 1,950 30,101 48,744
Avg. HH Income: $125,959 $109,845 $97,047

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.