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.