28720 Northwestern Hwy - Bank FOR SALE


Southfield, MI 48034
$5,242,000 USD
248-415-2636
28720 Northwestern Hwy, Southfield, MI for Sale
$5,242,000 USD
Bank - FOR SALE
1/5
null | 6.15% Cap Rate

28720 Northwestern Hwy
Southfield, MI 48034


HIGHLIGHTS

  • Ideal 1031 Exchange Property | Generational Asset
  • 12 Years Remaining on PNC’s NNN Lease & McDonald’s Ground Lease
  • Both Leases have Rent Increases Scheduled in 2027 Multiple Renewal Options Each Containing Rent Escalations
  • Corporate Guarantee by PNC Bank | S&P: A / Moody’s: A2 5th Largest Bank by Number of Branch Offices in the U.S.
  • 3 Drive-Thru Lanes | 1 Dedicated ATM Lane Strong Deposits: $66.5 Million
  • Prime Location Near Southfield’s Office Hub 30 Million SF of Office Space within a 5-Mile Radius

OVERVIEW

Marcus & Millichap is pleased to offer for sale this single-tenant PNC Bank with McDonald’s Ground Lease located in an affluent Oakland County, MI submarket. PNC and McDonald’s are operating under rare 30-year corporate leases, each with approximately 12 years of term remaining and rental increases within the initial lease term. This PNC branch has a strong deposit base exceeding $66.5 million. McDonald’s has a long, successful history in the area as this was a relocation site from one-half of a mile away. McDonald’s owns their building and parcel but is ground leasing 0.27 acres necessary for their drive-through and additional parking. PNC and McDonald’s both have top tier credit ratings from Standard and Poor’s, PNC with an “A” rating and McDonald’s with a “BBB+” rating. Located on a hard corner in Southfield, on the border of Farmington Hills, the PNC Bank has excellent visibility with access from both Northwestern Highway and Franklin Road. Traffic counts exceed 55,000 vehicles per day. This asset also benefits from its close proximity and ease of access to the Interstate-696, M-10 (Lodge Freeway), and US-24 (Telegraph Road) interchange, which brings an additional 294,000 vehicles to the immediate area. This property is strategically positioned within a dense office market, benefiting from a surrounding 30 million square feet of office space, ensuring a strong daytime population and sustained demand. The subject property is situated in a core retail market with 13 million square feet of retail within five miles. The property is located just one mile from the heavily trafficked retail corridor at Telegraph Road and the Interstate-696 interchange, home to national retailers such as Meijer, Lowe’s, Best Buy, and several car dealerships. This retail synergy enhances foot traffic and long-term asset stability. Four miles away from the property is Lawrence Technological University. Lawrence Tech is among Michigan’s largest independent colleges, with a total enrollment of approximately 3,000 students. The college offers over 100 programs across four colleges and employs more than 400 full- and part-time faculty members.PNC Financial Services Group, Inc. is the fifth largest bank by number of branch offices in the United States. More than eight million customers and small businesses use PNC’s various deposit, lending, credit card, cash management, and investment services. PNC’s solid footing and strong investment-grade credit rating (S&P: A | Moody’s: A2) make it a very attractive tenant. Southfield, Michigan, is a dominant commercial and business center for the metropolitan Detroit area and is home to over 10,000 businesses, including more than 100 “Fortune 500” companies. The city is located in Oakland County (AAA Bond Rating), the ninth wealthiest county in the U.S. among markets with over one million people. Southfield’s affluent and growing population makes it a prime commercial hub, with over 195,000 residents earning an average household income exceeding $117,000 within five miles. The area also features a strong daytime population of nearly 250,000, further demonstrating Southfield’s core employment market. This PNC Bank with McDonald’s ground lease provides an investor with the opportunity to own an asset with strong intrinsic value and high-caliber tenancy.

FOR SALE DETAILS

PRICE

$5,242,000 USD

PRICE/SF

$1,747 USD /SF

CAP RATE

6.15%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

ON GROUND LEASE

Yes

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Bank

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2007

SPRINKLERS

-

PARKING SPACES

37

LAND DETAILS

LAND ACRES

1.33 AC

LAND SF

57,935 SF

ZONING

B-3

APN/PARCEL ID

24-18-226-032

ASK ABOUT THIS PROPERTY

Ashish VakhariyaMarcus & MillichapMore Info
248-415-2636

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Ashish VakhariyaMarcus & MillichapMore Info
248-415-2636

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