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Shopping Strip

Washington Square

2651 S Wayne Rd, Westland, MI 48186

Listing Price: $3,401,265

Cap Rate
9.00%
Gross SF
41,254
Rentable SF
41,254
Price/Gross SF
$82.45
Lot Size
4.98 acres
Year Built
1988

Investment Overview

Marcus & Millichap is pleased to offer for sale Washington Square, an 87 percent occupied retail shopping center located at 2651 Wayne Road, Westland, Michigan. The property was constructed in 1988 and sits on a 4.98-acre parcel with ample parking and 41,254 square feet of total rentable space. Dollar Tree and Hydrospot Hydroponics anchor the property, accompanied by H&R Block, Subway, a Hookah Lounge, Wedding Planning, Dog Grooming, and Egyptian Restaurant. Dollar Tree operates on a triple-net lease while the remaining are on gross leases. Dollar Tree has occupied the site since 2009 and Hydrospot Hydroponics has been a tenant since 2016. Combined, the tenants make up over 55 percent of the GLA. Dollar Tree (Standard & Poor’s: BBB) is the largest and most successful single-price point retailer in North America. In June 2015, Dollar Tree acquired Family Dollar Stores, Inc. and its’ more than 8,200 stores, which made Dollar Tree Inc, the leading operator of discount variety retail stores with 13,600 locations. Today, they now operate over 15,000 locations across the US. Washington Square is strategically positioned at the corner of Wayne Road and Glenwood with excellent visibility and a combined 25,820 vehicles-per-day. There are over 222,000 full-time residents with an average household income of $66,500 per year within five miles of the asset. The subject property is located in close proximity to the Ford Motor Company Michigan Assembly Plant, a five million square foot facility which currently produces the Ford Ranger and employs 4,990 people. Also near to the property is Downtown Wayne (population 16,544), Michigan Avenue (35,468 vehicles-per-day) and Detroit Metropolitan Airport. Local national retailers include ALDI, CVS, Family Dollar, Planet Fitness, Rite Aid, O’Reilly Auto Parts, Taco Bell, KFC, Tim Hortons, among others.

Investment Highlights

  • 87 Percent Occupied Center Anchored by Dollar Tree & Hydrospot Hydroponics
  • Dollar Tree Operates on a Triple-Net Lease | All Others on Gross Leases
  • Excellent Visibility from Wayne Road and Glenwood (25,820 VPD)
  • Close to Ford Motor Company Michigan Assembly Plant | Production Site of the Ford Ranger
  • Near Detroit Metropolitan Airport, Downtown Wayne, and Michigan Ave (35,468 VPD)
  • Over 222,000 Residents with an Average Household Income of $66,500 Per Year within a Five-Mile Radius

Exclusively Listed By

Shopping Strip

Washington Square

Listing Price: $3,401,265

Cap Rate
9.00%
Gross SF
41,254
Rentable SF
41,254
Price/Gross SF
$82.45
Lot Size
4.98 acres
Year Built
1988

Investment Highlights

  • 87 Percent Occupied Center Anchored by Dollar Tree & Hydrospot Hydroponics
  • Dollar Tree Operates on a Triple-Net Lease | All Others on Gross Leases
  • Excellent Visibility from Wayne Road and Glenwood (25,820 VPD)
  • Close to Ford Motor Company Michigan Assembly Plant | Production Site of the Ford Ranger
  • Near Detroit Metropolitan Airport, Downtown Wayne, and Michigan Ave (35,468 VPD)
  • Over 222,000 Residents with an Average Household Income of $66,500 Per Year within a Five-Mile Radius

Investment Overview

Marcus & Millichap is pleased to offer for sale Washington Square, an 87 percent occupied retail shopping center located at 2651 Wayne Road, Westland, Michigan. The property was constructed in 1988 and sits on a 4.98-acre parcel with ample parking and 41,254 square feet of total rentable space. Dollar Tree and Hydrospot Hydroponics anchor the property, accompanied by H&R Block, Subway, a Hookah Lounge, Wedding Planning, Dog Grooming, and Egyptian Restaurant. Dollar Tree operates on a triple-net lease while the remaining are on gross leases. Dollar Tree has occupied the site since 2009 and Hydrospot Hydroponics has been a tenant since 2016. Combined, the tenants make up over 55 percent of the GLA. Dollar Tree (Standard & Poor’s: BBB) is the largest and most successful single-price point retailer in North America. In June 2015, Dollar Tree acquired Family Dollar Stores, Inc. and its’ more than 8,200 stores, which made Dollar Tree Inc, the leading operator of discount variety retail stores with 13,600 locations. Today, they now operate over 15,000 locations across the US. Washington Square is strategically positioned at the corner of Wayne Road and Glenwood with excellent visibility and a combined 25,820 vehicles-per-day. There are over 222,000 full-time residents with an average household income of $66,500 per year within five miles of the asset. The subject property is located in close proximity to the Ford Motor Company Michigan Assembly Plant, a five million square foot facility which currently produces the Ford Ranger and employs 4,990 people. Also near to the property is Downtown Wayne (population 16,544), Michigan Avenue (35,468 vehicles-per-day) and Detroit Metropolitan Airport. Local national retailers include ALDI, CVS, Family Dollar, Planet Fitness, Rite Aid, O’Reilly Auto Parts, Taco Bell, KFC, Tim Hortons, among others.

Exclusively Listed By

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