Firestone Complete Auto Care Actual Store 49950 Grand River Ave., Wixom, Mi 48393
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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 : All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates astocom- pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. 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. ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE: 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. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including thatusedfor financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided toapartydo not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. 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]