Southeast Corner of 14 Mile Road & Crooks Road Clawson (Detroit MSA), MI INVESTMENT HIGHLIGHTS SUBJECT OFFERING
id-America Real Estate Corporation, in cooperation with Mid-America MReal Estate – Michigan, Inc. has been retained on behalf of the owner to sell the 100% fee simple interest in Clawson Center in Clawson, Michigan.
Location: SEC 14 Mile Road & Crooks Road Clawson, Oakland County, MI
Traffic Counts: 14 Mile Road (27,842 VPD) Crooks Road (23,420 VPD)
Subject GLA: 130,328 Square Feet
Lot Size: 13.47 Acres
Anchors: Aldi, Staples, Dollar Tree, Rite Aid, O’Reilly Auto Parts, Burn Fitness, Billings Lawn Equipment
Occupancy: 100% KEY FEATURES
RECENT LEASING VELOCITY AND STABLE INCOME STREAM – The center is anchored by Aldi, Staples, Dollar Tree, Rite Aid, and O’Reilly Auto Parts, which have a combined remaining weighted average lease term of almost 6 years, granting investors a stable income stream for the years to come. Since 2016, the center has experienced strong leasing velocity adding Billings Lawn Equipment, CosmoProf, My Salon Suite, Joe’s Army Navy Surplus, and Motor City Float to its tenant roster, as well as the recent renewals of Staples, J DeVone’s Hair Today, and H&R Block. Additionally, ownership is working on an early 6-year extension with Aldi, to bring its term through 2034. In correspondence with this early renewal, a substantial renovation project is planned, all paid for by tenant.
STRONG SURROUNDING DEMOGRAPHICS – Clawson Center caters to an affluent and densely populated residential market, and a robust daytime office population, which provide a strong base for sales. There are 113,619 residents within three miles of the center with average household incomes of $96,033. Additionally, there are 116,019 workplace employees within a three-mile radius. Oakland County is one of the wealthiest counties in the country with populations over 1 million residents.
EXCELLENT VISIBILITY AND ACCESSIBILITY – The center is strategically positioned at the southeast corner of 14 Mile Road and Crooks Road. With combined traffic counts of over 51,000 VPD, these major thoroughfares in Oakland County provide convenient access to the center for residents of Clawson and the surrounding communities of Birmingham, Madison Heights, Royal Oak, and Troy.
DYNAMIC RETAIL LOCATION – Clawson Center is located in between two of the state’s top regional trade areas: the Somerset Collection trade area two miles north and the Oakland Mall trade area three miles east. Somerset Collection, an enclosed luxury Class A shopping center anchored by Saks Fifth Avenue, Macy’s, Nordstrom, and Neiman Marcus, is the top performing mall in the State of Michigan and one of the top performing malls in the nation. Oakland Mall is an enclosed shopping center anchored by Macy’s and JCPenney.
$ LEVERAGED YIELDS – The property is being offered “free and clear” of any existing debt, providing an excellent opportunity for a buyer to finance the transaction at today’s market rates.
DEMOGRAPHIC PROFILE WITHIN 5-MILE RADIUS:
POPULATION HOUSING UNITS MEDIAN HOME VALUE DAYTIME POPULATION AVERAGE HH INCOME ESTIMATED 5-YEAR POPULATION GROWTH 300,735 128,487 $186,544 358,001 $101,204 2.2% LEASING PLAN