BRAND NEW 2020 "ESSENTIAL" RETAILER
FIRESTONE COMPLETE AUTO CARE ACTUAL STORE 49950 GRAND RIVER AVE., WIXOM, MI 48393
30445 Northwestern Highway, Suite 275 BRYAN BENDER BENJAMIN SCHULTZ Farmington Hills, MI 48334 MANAGING DIRECTOR SENIOR DIRECTOR 248.254.3410 D: 248.419.3810 D: 248.254.3409 fortisnetlease.com [email protected] [email protected] FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
DISCLOSURE :
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Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness ofthe any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
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Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party.
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Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.
EXCLUSIVELY LISTED BY:
BRYAN BENDER BENJAMIN SCHULTZ MANAGING DIRECTOR SENIOR DIRECTOR D: 248.419.3810 D: 248.254.3409 [email protected] [email protected]
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] DISCLAIMER // 2 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
INVESTMENT SUMMARY CLICK HERE TO VIEW VIDEO List Price: $3,225,960
Current NOI: $161,298.00 PRICE $3,225,960 Initial Cap Rate: 5.0%
Land Acreage: 1.24
Year Built 2020 CAP RATE 5.00% Building Size: 6,116 SF
Price PSF: $527.46
Lease Type: NNN LEASE TYPE ABS. NNN
Lease Term: 15 Years
Average CAP Rate: 5.25% TERM REMAINING 14.5 Years
INVESTMENT OFFERING Fortis Net Lease is pleased to present this 6,116 SF. Firestone Complete Auto Care (Bridgestone Retail Operations, LLC) located in Wixom, Michigan. The property is RENT INCREASES 5% Every 5 Years encumbered with a Fifteen (15) Year NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years & contains 4 (5) Yr. Options to INVESTMENT HIGHLIGHTS renew, each with a 5% rental rate increase. The store is open and started paying rent in January 2020. • "Essential" Retailer | Brand New Firestone BTS Development • Five Mile Population of 99,158, 1 Mile Population Growth of 4.91% This Firestone store is highly visible as it is strategically positioned near the I-94 express way (125,002 cars per day) on Grand River Avenue which sees 30,668 cars per • ADTC of 30,668 on Grand River Avenue | 18K on Wixom Rd. day. The five mile population from the site is 99,158 while the 5 mile average household • 5 Mile Average Household Income of $107,604 income is $107,604 per year, making this location ideal for a Firestone. The area is experiencing great growth with the one mile population growth rate at 4.49%. The • Meijer Outparcel ($7.2 Million Average Sales) Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” • 15 Year Absolute NNN Lease | 5% Rent Bumps Every 5 Years investor to attain the fee simple ownership of a Firestone. This investment will offer a new owner continued success due to the financial strength and the proven profitability • 4 (5 Year) Options | 5% Rental Increase At Each Option of the tenant. List price reflects a 5.00% cap rate based on NOI of $161,298. • Close and Quick Access to Interstate-96 Which Sees 125,002 Cars Per Day
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] INVESTMENT OFFERING // 3 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
FINANCIAL SUMMARY LEASE SUMMARY
INCOME PER SF Tenant Trade Name: Firestone Complete Auto Care
Rent $161,298.00 $26.37 Lease Type: NNN Gross Income $161,298.00 $26.37 Primary Lease Term: 15 Years
Annual Rent: $161,298.00 EXPENSE PER SF Rent PSF: $26.37 Expenses $0 $0.00 Gross Expenses $0 $0.00 Landlord Responsibilities: None Taxes, Insurance & CAM: Tenant NET OPERATING INCOME $161,298.00 $26.37 Roof, Structure & Parking: Tenant
PROPERTY SUMMARY Lease Start Date: 1/15/2020
Year Built: 2020 Lease Expiration Date: 1/15/2035
Lot Size: +/- 1.0 Acre Lease Term Remaining: 15 Years
Building Size: 6,116 SF Rent Bumps: 5% Every 5 Yrs & At Each Option
Traffic Count: 30,668 on Grand River Ave. Renewal Options: Five (5 Year)
Traffic Count: 125,002 on I-96 Lessee Name: Bridgestone Retail Operations, LLC
Traffic Count: 30,529 on Wixom Road Tenant Website: www.Firestone.com Roof Type: Standing Seam
Zoning: Commercial
Construction Style: Prototype
Parking Lot: Asphalt
Warranties Construction
HVAC Roof Mounted
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] PROPERTY & LEASE // 4 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
TENANT UNIT LEASE LEASE ANNUAL % OF ESC RENT NAME SIZE (SF) START END RENT GLA DATE PER SF/YR
Firestone 6,116 1/15/2020 $161,298.00 100.0 $26.37 $169,362.96 1/15/2025 $27.69 1/15/2035 $177,831.00 1/15/2030 $29.08 Option 1 $186,722.55 1/15/2035 $30.53 Option 2 $196,058.67 1/15/2040 $32.05 Option 3 $205,861.61 1/15/2045 $33.66 Option 4 $216,154.69 1/15/2050 $35.34 Option 5 $226,962.42 1/15/2054 $37.11
Totals/Averages 6,116 $161,298.00 $26.37
TOTAL SF TOTAL ANNUAL RENT OCCUPANCY RATE AVERAGE RENT/SF NUMBER OF TENANTS 6,116 $161,298 100% $26.37 1
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] RENT ROLL // 5 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] TENANT PROFILE - FIRESTONE // 6 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] ELAVATIONS // 7 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] PROPERTY PHOTO // 8 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] PROPERTY PHOTOS // 9 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] SITE PLAN // 10 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] LOCATION MAPS // 11 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 12 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 13 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 14 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 15 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 16 FIRESTONE COMPLETE AUTO CARE 49950 GRAND RIVER AVE., WIXOM, MI 48393
POPULATION 1 MILE 3 MILES 5 MILES Total Population 2018 5,007 26,773 99,158
Total Population 2023 5,232 27,359 101,873
Population Growth Rate 4.49% 2.19% 2.74%
Average Age 34.3 36.3 39.1
# Of Persons Per HH 2.2 2.3 2.5
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total Households 2,234 11,304 39,637
Average HH Vehicles 1.0 2.0 2.0
Average HH Income $64,045 $94,259 $107,604
Median House Value $316,893 $314,105 $300,310
Consumer Spending (Thousands) $45,289 $291,831 $1,172,371 Wixom is a city that lies in the borders of northwest Novi Township and southwest Commerce Township in Oakland County, Michigan. The city was home to the former Wixom Assembly Plant, which produced the Lincoln LS, the Ford Thunderbird, the Ford GT, and the Lincoln Town Car. Wixom is home to several production and manufacturing businesses, including Trijicon, a leading manufacturer of night gun sights and night telescopic sights; Discraft, a leading manufacturer of flying discs for disc sports games like Ultimate; the U.S. headquarters of spark plug manufacturer NGK; Majic Window, the worlds largest distributor of fiberglass replacement home windows; MAC Valves, Inc., a manufacturer of pneumatic valves used in the automotive and packaging industries, and Foster Specialty Floors] the state's largest and oldest sports flooring contractor.
The downtown area of the city is being developed with a new main street area on Pontiac Trail by the city offices called the Wixom Village Center. This was a $200 million project. The Village Center includes a pedestrian plaza, restaurants, and service shops. The residential development called Tribute of Wixom will contain 600 units that include ranch-style condos, town houses, and single-family homes. The project was postponed in 2008 and construction did not begin again until 2014.
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AREA & DEMOGRAPHICS // 17 TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN $6B 3,000+ 345K 43
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EXCLUSIVELY LISTED BY: 30445 Northwestern Highway, Suite 275 Farmington Hills, MI 48334 BRYAN BENDER BENJAMIN SCHULTZ MANAGING DIRECTOR SENIOR DIRECTOR 248.254.3410 D: 248.419.3810 D: 248.254.3409 fortisnetlease.com [email protected] [email protected]