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Shopping Strip

Office Depot & Five Below Center | Home Depot & Walmart Shadow

23420 Allen Rd, Woodhaven, MI 48183

Listing Price: $5,075,639

Cap Rate
7.25%
Gross SF
30,000
Rentable SF
30,000
Price/Gross SF
$169.19
Lot Size
3.58 acres
Year Built
1999

Investment Overview

Marcus & Millichap is pleased to present this 30,000 square-foot, Office Depot & Five Below retail property in Woodhaven, Michigan, within the Detroit MSA. The property is located within Woodhaven Village Square shopping center on a 3.58-acre parcel with ample parking. The asset is in-line with The Home Depot and shadow anchored by Walmart Supercenter. Office Depot is a leading provider of business services and supplies, products and digital workplace technology solutions to small, medium and enterprise businesses, through an integrated business-to-business (B2B) distribution platform, which includes world-class supply chain and distribution operations, dedicated sales professionals and technicians, online presence, and approximately 1,000 stores. The tenant has been located on site since 1999 and recently extended their triple-net lease for five years. This Office Depot location significantly outpaces the traffic for other stores in the state and most of the U.S. per Placer.ai. The next closest Office Depot is 26 miles away. Five Below is operating on a brand new 10-year triple-net lease with a corporate guarantee. Five Below is a high-growth value retailer offering most products priced between $1 and $5. The company currently has over 1,200 stores across 41 states. Five Below relocated to this center after 10 years in another center within the market. The property is across the street from a Target anchored shopping center containing a HomeGoods, Marshalls, Pet Supplies Plus, Planet Fitness and others. Woodhaven Village Square features excellent visibility and substantial parking space. The corner of Allen and West Roads experiences over 51,000 vehicles per day. The offering is situated in a core retail market with 11 million square feet of retail within a five-mile radius. The center is situated within immediate proximity of multiple other major national retailers including, Meijer, PetSmart, Ashley Furniture, Ulta Beauty, Lowe’s, Michaels, LA Fitness, Kohl’s, ALDI, among many others. Woodhaven Village Square is strategically located less than two miles from Interstate-75 with over 85,000 vehicles per day. The property is also located in a great demographic area with over 128,700 people with an average household income exceeding $82,600 within five miles. Woodhaven is located in southern Wayne County, 16 miles from Downtown Detroit. Wayne County is the most populous county in Michigan.

Investment Highlights

  • Two-Tenant Retail Center Occupied by Office Depot & Five Below
  • In-Line with The Home Depot and Shadow Anchored by Walmart Supercenter
  • Major Investment: Landlord Invested Over $1.3M in Major CapEx & TI's Backfilling the Office Depot to Five Below
  • Five-Year Lease Extension: Office Depot Recently Extended Triple-Net Lease for Five Years Under the Same Terms and Conditions!
  • New 10-Year Lease: Five Below Signed a Brand New 10-Year NNN. This is a RARE Relocation Site Five Below has been in the Market for Over 10 Years
  • Significantly Outpaces Traffic for Other Office Depot Stores in Michigan & Most of the U.S. (Placer.ai)
  • Strategically Positioned at the Corner of West & Allen Roads (51,000 Vehicles Per Day) Across the Street from a Target Anchored Shopping Center
  • Excellent Demographics: 128,700 Residents & Average Household Income of $82,600 within a Five-Mile Radius of the Asset

Exclusively Listed By

Shopping Strip

Office Depot & Five Below Center | Home Depot & Walmart Shadow

Listing Price: $5,075,639

Cap Rate
7.25%
Gross SF
30,000
Rentable SF
30,000
Price/Gross SF
$169.19
Lot Size
3.58 acres
Year Built
1999

Investment Highlights

  • Two-Tenant Retail Center Occupied by Office Depot & Five Below
  • In-Line with The Home Depot and Shadow Anchored by Walmart Supercenter
  • Major Investment: Landlord Invested Over $1.3M in Major CapEx & TI's Backfilling the Office Depot to Five Below
  • Five-Year Lease Extension: Office Depot Recently Extended Triple-Net Lease for Five Years Under the Same Terms and Conditions!
  • New 10-Year Lease: Five Below Signed a Brand New 10-Year NNN. This is a RARE Relocation Site Five Below has been in the Market for Over 10 Years
  • Significantly Outpaces Traffic for Other Office Depot Stores in Michigan & Most of the U.S. (Placer.ai)
  • Strategically Positioned at the Corner of West & Allen Roads (51,000 Vehicles Per Day) Across the Street from a Target Anchored Shopping Center
  • Excellent Demographics: 128,700 Residents & Average Household Income of $82,600 within a Five-Mile Radius of the Asset

Investment Overview

Marcus & Millichap is pleased to present this 30,000 square-foot, Office Depot & Five Below retail property in Woodhaven, Michigan, within the Detroit MSA. The property is located within Woodhaven Village Square shopping center on a 3.58-acre parcel with ample parking. The asset is in-line with The Home Depot and shadow anchored by Walmart Supercenter. Office Depot is a leading provider of business services and supplies, products and digital workplace technology solutions to small, medium and enterprise businesses, through an integrated business-to-business (B2B) distribution platform, which includes world-class supply chain and distribution operations, dedicated sales professionals and technicians, online presence, and approximately 1,000 stores. The tenant has been located on site since 1999 and recently extended their triple-net lease for five years. This Office Depot location significantly outpaces the traffic for other stores in the state and most of the U.S. per Placer.ai. The next closest Office Depot is 26 miles away. Five Below is operating on a brand new 10-year triple-net lease with a corporate guarantee. Five Below is a high-growth value retailer offering most products priced between $1 and $5. The company currently has over 1,200 stores across 41 states. Five Below relocated to this center after 10 years in another center within the market. The property is across the street from a Target anchored shopping center containing a HomeGoods, Marshalls, Pet Supplies Plus, Planet Fitness and others. Woodhaven Village Square features excellent visibility and substantial parking space. The corner of Allen and West Roads experiences over 51,000 vehicles per day. The offering is situated in a core retail market with 11 million square feet of retail within a five-mile radius. The center is situated within immediate proximity of multiple other major national retailers including, Meijer, PetSmart, Ashley Furniture, Ulta Beauty, Lowe’s, Michaels, LA Fitness, Kohl’s, ALDI, among many others. Woodhaven Village Square is strategically located less than two miles from Interstate-75 with over 85,000 vehicles per day. The property is also located in a great demographic area with over 128,700 people with an average household income exceeding $82,600 within five miles. Woodhaven is located in southern Wayne County, 16 miles from Downtown Detroit. Wayne County is the most populous county in Michigan.

Exclusively Listed By

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