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Shopping Neighborhood

Kroger | Family Dollar Shopping Center

1771 E Michigan Ave, Ypsilanti, MI 48198

Listing Price: $4,632,350

Cap Rate
7.00%
Gross SF
51,239
Rentable SF
51,239
Price/Gross SF
$90.41
Lot Size
5.28 acres
Year Built
1980

Investment Overview

Marcus & Millichap is pleased to present this 51,239 square-foot, Kroger | Family Dollar Shopping Center in Ypsilanti, Michigan, within the Ann Arbor/Detroit MSA. The property is positioned on a 5.28-acre parcel with ample parking. The two-tenant center is occupied by Kroger with a pharmacy drive-thru and Family Dollar. Kroger Co. is the largest supermarket chain by revenue, second largest general retailer behind Walmart, and the seventh largest American-owned private employer in the United States. The company currently operates nearly 2,800 supermarkets under various banner names in 35 states and is currently pursuing an acquisition of Albertsons, another large food and drug retailer chain in the U.S. The tenant recently extended their triple-net lease for five years and has five five-year options remaining with three percent rent increases and automatic extensions. Kroger signed an original 20-year lease in 1981 and then signed a 15-year extension in 2002 as they completed a store expansion. The tenant also extended the lease for five years in 2016, showing strong dedication to this site. Family Dollar is operating on an original 10-year triple-net lease and just extended their lease for five years. With the extension, there were three additional extended terms granted, containing fixed rent increases. Each option automatically renews and the tenant has continuously exercised their options. Family Dollar (Standard & Poor's: BBB) one of the nation’s largest and most successful discount variety stores. The company was acquired in 2015 by Dollar Tree, a Fortune 200 company, and currently has over 16,300 store locations across 48 sates and five Canadian provinces. Revenue for FY 2022 was reported at $26.32 billion, a 3.18 percent from 2021. The asset features excellent visibility on Michigan Ave, which experiences over 14,000 vehicles per day. Kroger | Family Dollar Shopping Center is situated just two miles from Downtown Ypsilanti and Eastern Michigan University (14,000+ Students | 1,069 Faculty) and has quick access to Interstate-94, one of the busiest highways in the state. There is over 6.2 million square feet of retail within five miles. Retail in the immediate area includes AutoZone, CVS, Burger King, Dollar Tree, Shoppers Marketplace, and others. The property is also located in a growing demographic area with over 116,000 residents and an average household income exceeding $83,160 within five miles. The area also has a strong daytime population of 90,000 within a five-mile radius. Kroger | Family Dollar Shopping Center offers an investor the opportunity to acquire a stabilized asset situated in an core market.

Investment Highlights

  • Two-Tenant Retail Center Occupied by Kroger with Pharmacy Drive-Thru & Family Dollar
  • Five-Year Lease Extension: Kroger Recently Extended Triple-Net Lease for Five Years Five Five-Year Options Remain, Containing Three Percent Increases
  • Newly Extended Lease: Family Dollar Just Executed a Five-Year Lease Extension & Added Three Five-Year Options to the Lease | Renewal Options Automatically Extend with Fixed Rent Increases
  • Over 6.2 Million Square Feet of Retail within Five Miles
  • Serving over 116,000 Residents in the Growing Ypsilanti / Ann Arbor Trade Areas Strong Daytime Population of over 90,000 within a Five-Mile Radius
  • High Visibility on Michigan Ave with 14,072 Vehicles Per Day Quick Access to Interstate-94 (92,717 VPD), One of the Busiest Highways in the State Offering Connections to Detroit, Kalamazoo & Chicago
  • Two Miles from Downtown Ypsilanti & Eastern Michigan University (14,000+ Students | 1,069 Faculty)
  • 20 Minutes from Downtown Ann Arbor and University of Michigan (47,660 Students)

Exclusively Listed By

Shopping Neighborhood

Kroger | Family Dollar Shopping Center

Listing Price: $4,632,350

Cap Rate
7.00%
Gross SF
51,239
Rentable SF
51,239
Price/Gross SF
$90.41
Lot Size
5.28 acres
Year Built
1980

Investment Highlights

  • Two-Tenant Retail Center Occupied by Kroger with Pharmacy Drive-Thru & Family Dollar
  • Five-Year Lease Extension: Kroger Recently Extended Triple-Net Lease for Five Years Five Five-Year Options Remain, Containing Three Percent Increases
  • Newly Extended Lease: Family Dollar Just Executed a Five-Year Lease Extension & Added Three Five-Year Options to the Lease | Renewal Options Automatically Extend with Fixed Rent Increases
  • Over 6.2 Million Square Feet of Retail within Five Miles
  • Serving over 116,000 Residents in the Growing Ypsilanti / Ann Arbor Trade Areas Strong Daytime Population of over 90,000 within a Five-Mile Radius
  • High Visibility on Michigan Ave with 14,072 Vehicles Per Day Quick Access to Interstate-94 (92,717 VPD), One of the Busiest Highways in the State Offering Connections to Detroit, Kalamazoo & Chicago
  • Two Miles from Downtown Ypsilanti & Eastern Michigan University (14,000+ Students | 1,069 Faculty)
  • 20 Minutes from Downtown Ann Arbor and University of Michigan (47,660 Students)

Investment Overview

Marcus & Millichap is pleased to present this 51,239 square-foot, Kroger | Family Dollar Shopping Center in Ypsilanti, Michigan, within the Ann Arbor/Detroit MSA. The property is positioned on a 5.28-acre parcel with ample parking. The two-tenant center is occupied by Kroger with a pharmacy drive-thru and Family Dollar. Kroger Co. is the largest supermarket chain by revenue, second largest general retailer behind Walmart, and the seventh largest American-owned private employer in the United States. The company currently operates nearly 2,800 supermarkets under various banner names in 35 states and is currently pursuing an acquisition of Albertsons, another large food and drug retailer chain in the U.S. The tenant recently extended their triple-net lease for five years and has five five-year options remaining with three percent rent increases and automatic extensions. Kroger signed an original 20-year lease in 1981 and then signed a 15-year extension in 2002 as they completed a store expansion. The tenant also extended the lease for five years in 2016, showing strong dedication to this site. Family Dollar is operating on an original 10-year triple-net lease and just extended their lease for five years. With the extension, there were three additional extended terms granted, containing fixed rent increases. Each option automatically renews and the tenant has continuously exercised their options. Family Dollar (Standard & Poor's: BBB) one of the nation’s largest and most successful discount variety stores. The company was acquired in 2015 by Dollar Tree, a Fortune 200 company, and currently has over 16,300 store locations across 48 sates and five Canadian provinces. Revenue for FY 2022 was reported at $26.32 billion, a 3.18 percent from 2021. The asset features excellent visibility on Michigan Ave, which experiences over 14,000 vehicles per day. Kroger | Family Dollar Shopping Center is situated just two miles from Downtown Ypsilanti and Eastern Michigan University (14,000+ Students | 1,069 Faculty) and has quick access to Interstate-94, one of the busiest highways in the state. There is over 6.2 million square feet of retail within five miles. Retail in the immediate area includes AutoZone, CVS, Burger King, Dollar Tree, Shoppers Marketplace, and others. The property is also located in a growing demographic area with over 116,000 residents and an average household income exceeding $83,160 within five miles. The area also has a strong daytime population of 90,000 within a five-mile radius. Kroger | Family Dollar Shopping Center offers an investor the opportunity to acquire a stabilized asset situated in an core market.

Exclusively Listed By

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