Macomb Mall Shops
Northwest Corner of Gratiot Avenue and Masonic Boulevard
Roseville (Detroit MSA), Michigan
For further information contact owner’s exclusive representatives
Carly Gallagher
(630) 261-6944
[email protected]
Ben Wineman
(630) 954-7336
[email protected]
Richard Kerwin
(248) 855-6800
[email protected]
INVESTMENT CONSIDERATIONS
Mid-America Real Estate Corporation has been retained on behalf of the owner to sell the 100% fee simple interest in Macomb
Mall Shops. Certain Principals associated with Seller are licensed real estate brokers and associated with Mid-America Real Estate
Corporation and Mid-America Real Estate – Michigan, Inc.
•Excellent Credit Tenancy: Macomb Mall Shops is leased
to Chipotle, AT&T, and Potbelly, and is finalizing a lease with
AVAIL Vapor. The three signed leases are to national credit
tenants with new long-term leases containing multiple rent
bumps (except for Chipotle). AVAIL Vapor will make the subject
property 100% occupied.
•Dominant Mall Shadow Anchor: Positioned in front of
Macomb Mall, which consists of 900,000 square feet and
is undergoing significant renovations and re-positioning, and
features a strong group of national anchors including Sears,
Dick’s Sporting Goods, H&M, ULTA, Kohl’s, Old Navy, and
Babies R Us.
•Irreplaceable Location & Growing Demographics: The
area features dense infill residential demographics. Macomb
County is the third-largest county in the state of Michigan
and saw the largest increase in population (6.7%) of any of
the state’s five biggest counties from 2000-2010. The area
within a five-mile radius of the property has an estimated 2015
population of 261,355, with an additional daytime working
population of 90,761. The average household income within
the five-mile radius is just under $60,000.
•Outstanding Accessibility: Macomb Mall Shops is located
a half-mile north of the I-94 interchange with Gratiot Avenue,
connecting the property with the neighboring communities of
the east side of metro Detroit. Gratiot Avenue is the primary
retail corridor in the area, with traffic counts of 60,720 VPD.
I-696’s interchange with Gratiot Avenue is less than four miles
south.
•New Construction: The property just finished construction in
June 2015, which should limit capital expenditures in the near
future.
•Free and Clear: This property is being offered “free and clear,”
providing an excellent opportunity for a buyer to finance the
transaction at today’s attractive market rates.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
LOCATION & MARKET
•Macomb Mall Shops is located on the northwest corner of
Gratiot Avenue and Masonic Boulevard in the infill Detroit
suburb of Roseville, Michigan. Roseville is positioned in
southern Macomb County and is approximately 20 miles
northeast of Detroit.
•Located in such close proximity to nearby Detroit, Roseville
is a quick and easy commute to the heart of the city and
everything it has to offer. Roseville has a population of just
under 50,000 and is part of the Detroit metro area, which
includes 4.3 million residents.
•Macomb County is the third-largest county in the state of
Michigan, with a population of 840,978 according to the
2010 census. From the decade of 2000-2010, Macomb
County saw the largest increase in population of any of
Michigan’s five largest counties, growing by 6.7% during
those years.
• The subject benefits from its prime location, situated directly
in front of the historic Macomb Mall, and features frontage
along the dominant Gratiot Avenue commercial corridor.
Open for over 50 years, Macomb Mall is currently anchored
by notable name-brand tenants such as Sears, Dick’s
Sporting Goods, Kohl’s, Old Navy, Party City, and Babies R
Us. The mall also contains over 45 specialty stores ranging
from Kay Jewelers to Victoria’s Secret. Other major retailers
in the immediate trade area include Sam’s Club, Home
Depot, Meijer, Target, and JC Penney.
•Excellent access to the metro Detroit area’s transportation
infrastructure, given the location on Gratiot Avenue offers
convenience to both I-94 and I-696. I-94 (which travels north
and south through the city) and I-696 (which runs east and
west) provide residents and businesses with direct access
to the rest of the greater Detroit area. Their interchanges
with Gratiot Avenue provide high traffic counts of 60,720
and 120,400 VPD, respectively.
PROPERTY DESCRIPTION
•Macomb Mall Shops is a brand new retail development
consisting of 8,074 square feet of commercial space on
1.22 acres of land.
•Built in June 2015, the subject property features excellent
visibility along Gratiot Avenue, a major commercial street in
the trade area.
•The Shops provides parking for approximately 8.05 cars
per 1,000 SF of GLA. Ingress and egress is available both
north and south of the site via Gratiot Avenue and directly
into Macomb Mall.
TENANCY
•Macomb Mall Shops is leased to Chipotle, AT&T, and
Potbelly, with two of them on corporate leases. Lease
negotiations are being completed with AVAIL Vapor for the
final space.
•AT&T, Chipotle, and Potbelly all opened for business in
2015, while AVAIL Vapor’s term is due to commence mid2016.
• Each of the four tenants have long-term leases that include
multiple rent bumps and/or options to extend, with Chipotle
and Potbelly’s leases running until 2025, while AT&T’s
expires in 2022, and AVAIL Vapor will run through at least
2021.
•The tenants at the Shops bring a buyer both steady and
accretive cash flow from respected national credit tenants.
•As part of Macomb Mall’s extensive renovations, the
property added Dick’s Sporting Goods as a new anchor
in October 2014. In addition, the mall’s repositioning has
included the recent additions of H&M, ULTA, Lane Bryant,
Shoe Carnival, and Rue 21 retailers, and expansions of
Bath & Body Works and Champs Sports.
PRICING
Macomb Mall Shops offers a purchaser the opportunity to acquire
a 100% leased, well-positioned outlot building in Roseville, MI.
The Property is being sold “free and clear” of any existing debt.
FY 2017 NOI: $269,434
Asking Cap Rate: 7.0%
Asking Price:
$3,850,000
For further information contact owner’s
exclusive representatives.
Carly Gallagher
(630) 261-6944
[email protected]
Ben Wineman
(630) 954-7336
[email protected]
in cooperation with
Richard Kerwin
(248) 855-6800
[email protected]
CLICK HERE to sign Confidentiality Agreement
Mid-America
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