Investment Overview

Marcus & Millichap is pleased to offer for sale Dollar Tree Center, a 66.93 percent occupied retail shopping center located at 2651 S. Wayne Road in Westland, Michigan. The property was constructed in 1988 and sits on a 4.98-acre parcel with ample parking and 43,054 square feet of total rentable space. Dollar Tree anchors the property, accompanied by H&R Block, Subway, K&K Events, Roberson Fun Center, Fai Man Knok’s Hot Dogs, Dogs-N-Suds Pet Grooming, and Mav’s Liquidation Center. Dollar Tree recently exercised its third renewal option, extending the triple-net lease to January 31, 2030. The remaining tenants are on gross leases. Roberson Fun Center and Mav’s Liquidation Center recently relocated their businesses to the center. Dollar Tree has occupied the site since 2006 and makes up 25.3 percent of the gross leasable area. 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 operate nearly 16,500 locations across the US. Dollar Tree Center is strategically positioned at the corner of Wayne Road and Glenwood Avenue with excellent visibility and a combined 29,449 vehicles per day. There are over 233,400 full-time residents with an average household income of $75,000 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 that currently employs 5,126 people and produces the Ford Ranger and Ford Bronco. The GM Romulus Propulsion Systems plant (1,150 employees) is also nearby, producing V6 engines and 10-speed transmissions for various GM vehicles. Corewell Health Hospital - Wayne, a 99-bed full-service hospital and Level III trauma center, is 2.3 miles from the property. Additionally, the property is close to Downtown Wayne (population 16,544), Michigan Avenue (31,686 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 Horton’s, among others. The property is located approximately 10 miles from Downtown Dearborn. The City of Dearborn is home to Ford World Headquarters and multiple other Ford facilities. Corewell Health Hospital - Dearborn, a 632-bed major teaching and research hospital, the University of Michigan-Dearborn, and Henry Ford College are also located in Dearborn.