Investment Overview

Marcus & Millichap is pleased to present Huntington Bank located at 24805 W 12 Mile Road in Southfield, Michigan. The property is situated on a 0.75-acre lot with ample parking and four drive-thru lanes and ATM. The tenant recently executed a new 10-year triple-net ground lease, which commenced in March 2024. Rent escalations are scheduled in year six and at the beginning of each of the two five-year option periods. The branch has a strong deposit base and reported over $163.9 million deposits in 2023. Huntington Bancshares Inc. (S&P: A- / Moody’s: A3) is a $194 billion asset regional bank holding company headquartered in Columbus, Ohio. In 2021, Huntington acquired the Detroit-based TCF Bank for $22 billion. Huntington is currently the largest bank in Michigan and Ohio, and operates approximately 970 branches across 11 states. The bank is easily accessible off 12 Mile Road (25,845 Vehicles per day) located near Telegraph/US-24 (77,037 Vehicles per day), Interstate-696 (130,908 Vehicles per day) and M-10 (86,916 Vehicles per day). Three 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 in four colleges, and employs more than 400 full- and part-time faculty. The subject property is situated in a core retail market with over 13.4 million square feet of retail within five miles. The property is less than a half mile from the retail corridor that is clustered at Telegraph Road and the Interstate-696 interchange. This area contains national retail such as Meijer, Lowe’s, Best Buy, Michaels, PetSmart, among numerous car dealerships and restaurants. 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 9th wealthiest County in the US in markets of over 1 million people. Southfield features excellent demographics, there are over 214,000 residents with an average household income exceeding $113,000 within five miles of this asset.