Investment Overview

Marcus & Millichap is pleased to present the Dollar Tree located at 408 W. Maumee Street in Adrian, Michigan. Dollar Tree (Standard & Poor’s: BBB Stable; NASDAQ: DLTR) occupies 10,707 square-feet of the building under a corporate-guaranteed double-net lease. The tenant is paying rent for the entire building (19,500 square-feet) and signed a new 10-year lease in June 2024. The former Family Dollar space (9,126 square-feet) is dark. Recent improvements include a new parking lot, HVAC, plumbing, and electrical systems. The lease features four five-year renewal options, with $0.50 per-square-foot rent escalations at the beginning of each option period. The property sits on a large 3.83-acre parcel, offering potential for an outparcel development to enhance long-term value. Landlord responsibilities are minimal, making this an attractive passive investment. Dollar Tree, Inc., ranked 134 on the Fortune 500 list, is the largest small-box discount retailer in the United States, operating over 16,600 stores across 48 contiguous states and five Canadian provinces. Headquartered in Chesapeake, Virginia, the company employs more than 200,000 associates and is known for offering a broad selection of everyday products at extreme value pricing, appealing to a wide customer base across North America. The property benefits from excellent visibility on W. Maumee Street, with traffic counts of approximately 6,183 vehicles per day. It is strategically located in the heart of Adrian’s downtown, just north of the area’s main retail corridor, which includes national retailers: Walmart, Lowe’s, Meijer, and Dunham’s Sports. Additionally, the property is part of a strong regional education hub, located just one mile from Adrian College (1,800 students), 1.6 miles from Siena Heights University (2,100 students), and 1.8 miles from Jackson College’s Adrian campus (200 students). The surrounding trade area includes a stable and growing population of approximately 63,157 residents within a 10-mile radius, with an average household income of $77,945. Positioned approximately 35 miles southwest of Ann Arbor and 36 miles northwest of Toledo, Adrian functions as a regional center offering affordability, educational resources, and a strong consumer base—factors that support steady demand for discount retailers like Dollar Tree. This Dollar Tree offers investors a stabilized, investment-grade asset with minimal landlord responsibilities and the potential for future value creation through outparcel development.