630-954-7336
27600 Novi Rd, Novi, MI for Sale
Department Store - FOR SALE
1/11
null | Request Cap Rate

27600 Novi Rd
Novi, MI 48377


HIGHLIGHTS

  • STRONG CREDIT RENT ROLL | OUTSTANDING TENANT LINEUP | NEW-TO-MARKET RETAILERS | 1st or 2nd LOCATIONS IN MICHIGAN
  • UNRIVALED LOCATION AT HIGHLY VISITED 1.5M SF SUPER-REGIONAL MALL | HEART OF REGIONAL TRADE AREA
  • Dick’s House of Sport: 37% of in-place gross income stream | 15-year lease | $0.50 PSF rent escalations every 5 years
  • Round1 Entertainment: 28% of in-place gross income stream | 15-year lease with 10% rent escalations every 5 years
  • Primark: 35% of in-place gross income stream | 10-year lease with 2% annual rent escalations | corporate guaranty

OVERVIEW

Mid-America Real Estate Corporation, in cooperation with Mid-America Real Estate – Michigan, Inc., has been exclusively retained on behalf of the owner to sell the 100% fee simple interest in a three-tenant building leased to Dick’s House of Sport, Primark, and Round1 Entertainment at Twelve Oaks Mall in Novi, Michigan. All three tenants recently signed long-term leases for some of their first locations in Michigan and the Midwest region. These experiential sports, apparel, entertainment, and food & beverage tenants are complemented by Twelve Oaks Mall’s unbeatable national retail and restaurant line up featuring Nordstrom, Apple, Lululemon, Crate & Barrel, Pottery Barn, Williams-Sonoma, Macy’s, and others. The offering presents a rare opportunity to acquire an institutional quality multi-tenant retail investment backed by long-term leases with global, experiential strong credit brands.

FOR SALE DETAILS

PRICE

Request Info for Price

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dick’s House of Sport, Primark, & Round1

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Department Store

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1977

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

17.84 AC

LAND SF

777,110 SF

ZONING

R-C

APN/PARCEL ID

22-14-100-042

ASK ABOUT THIS PROPERTY

Ben WinemanMid-America Real Estate Corp.More Info
630-954-7336

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Ben WinemanMid-America Real Estate Corp.More Info
630-954-7336

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.