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Art Van Furniture

$ 16,678,436
Ann Arbor, Michigan
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Address: 425 E Eisenhower Pkwy, Ann Arbor, Michigan, United States 48108

Type: Retail

Cap Rate: 6.65%

Lease Type: Triple Net (NNN)

Annual Rent: $1,109,116

Net Operating Income: $1,109,116

Lease Term Remaining: 17+ Years

Rental Increases: Lesser of 2.0% or 1.25x Change in CPI Annually

Options: Four (4), Five (5)-Year Options

Year Built: 1992

Rentable Sq/Ft: 69,911 SF

Rent Sq/Ft: $15.86

Price Sq/Ft: $239

Lot Size: +/- 4.51

Marcus & Millichap is pleased to present the exclusive listing for an Art Van Furniture located at 425 E Eisenhower Parkway in Ann Arbor, Michigan. The site consists of roughly 70,000 rentable square feet of building space on estimated 4.51-acre parcel of land. This Art Van Furniture is subject to a 20-year absolute triple-net (NNN) lease, which commenced March 1st, 2017. The current annual rent is $1,109,116 and is scheduled to increase by the lesser of 2.0% or 1.25x change in CPI annually throughout the base term and in each of the four (4), five (5)-year renewal options.

The Art Van Furniture property is situated on East Eisenhower Parkway, which boasts an average daily traffic count of 38,810 vehicles. South State St intersects with East Eisenhower Parkway and brings an additional 53,602 vehicles into the immediate area on average daily. There are more than 97,000 individuals residing within a three-mile radius of the property and more than 178,000 individuals within a five-mile radius. This Art Van Furniture investment property is located in an extremely affluent community, with the average household income exceeding $81,600 within a 1-mile radius and$96,770 within a 5-mile radius of the property.

The subject property benefits from being well-positioned in an extremely dense retail corridor consisting of national and local tenants, academic institutions and shopping centers all within close proximity of this property. Major national tenants in the area include: Costco, Target, Best Buy, Meijer, Kohl’s, J.C. Penney, Macy’s, OfficeMax, PetSmart, McDonald’s, Burger King, Buffalo Wild Wings, Outback Steakhouse, Panera Bread as well as many others. This Art Van Furniture also benefits from its close proximity to several academic institutions. Most notable is The University of Michigan, which has a total enrollment exceeding 44,700 students and is located within a two-mile radius of the subject property. There are also several shopping centers within close proximity of the subject property, including the Briarwood Mall, a mall that offers over 125 stores. Additionally, University of Michigan Hospital, an 11-story, 550-bed general hospital including Emergency Room and Surgical Center, is located approximately four miles from the subject property.

Ann Arbor is the sixth largest city in the state of Michigan and the county seat of Washtenaw County. Ann Arbor is also home to the University of Michigan. The university significantly shapes Ann Arbor’s economy as it employs about 30,000 workers, including about 12,000 in the medical center alone. The city’s economy is also centered on high technology, with several companies drawn to the area by the university’s research and development money, and by its graduates. Domino’s Pizza, ProQuest LLC, and Toyota Motor Engineering & Manufacturing of North America are all headquartered in Ann Arbor, Michigan.

 

Broker of Record:  Steve Chaben License #6502387903

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Glen Kunofsky

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(212) 430-5115

Michael Liu

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(212) 430-5221