Auto Parts

Firestone

49950 Grand River Ave, Wixom, MI 48393

Listing Price: $3,226,000

Cap Rate
5.00%
Tenant Name
Firestone
Years Remaining On Lease
14.0
Guarantor
Corporate Guarantee
Rentable SF
6,116
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.37

Investment Overview

NEW BUILD TO SUIT FIRESTONE | ESSENTIAL RETAILER • New Build to Suit Firestone located in Wixom, MI. • This store is 6,116 SF with 8 service bays. INTERSTATE LOCATION • Subject property is located directly off interstate 96 (117,606 VPD). I-96 is a 192 Mile interstate that connects East to West Michigan. • This Firestone is located on Grand River Avenue (30,668 VPD) and right off the crossroad, Wixom Road (18,000 VPD). OUTPARCEL TO MEIJER GROCERY STORE • This Firestone sits as an outparcel to a Meijer grocery store and is located on the primary retail corridor surrounded by 4 Million SF of retail in a 1-mile radius. • Surrounding national retailers include Target, Home Depot, Kroger, Walmart and more. • Meijer is the 26th largest retailer in the country and has 253 stores. This Meijer location does $7.2 Million in average sales. • Located just over a mile from Ascension Providence Hospital, a seven story 500,000 SF hospital that includes a 108 room hotel. AFFLUENT HIGH GROWTH MARKET • The 5-mile population for this Firestone is 97,763. • Wixom is an affluent high growth MI market with a 5-mile average household income of $123,201 and population growth over 11.53%. LONG TERM CORPORATE NNN LEASE WITH INCREASES • The subject property has 15-Year lease (14-years remaining) guaranteed by Bridgestone Retail Operations, LLC (Corporate). • The lease is absolute NNN and the tenant is responsible for all taxes, insurance, CAM, roof and structure. • There are attractive 5% rental increases every 5 years during the initial lease and each of the five, 5-year option periods “A” RATED INVESTMENT GRADE TENANT • The lease is guaranteed by Bridgestone, parent company of Firestone, which is the world’s largest manufacturer of tire and rubber products. • Bridgestone/Firestone has an investment grade credit rating of “A” by S&P, giving it the highest credit rating in the auto-service sector. • Founded in 1900 Firestone is a wholly-owned subsidiary of the Bridgestone Retail Operations, LLC, which has four retail brands and over 2,200 locations nationwide. • In 2018, Bridgestone (NYSE: BRDCY) had revenue in excess of $33.1 billion and ranked #365 on the Fortune 500 list. DETROIT MSA • Subject property is located 30 miles west of downtown Detroit, MI. • Detroit is the largest and most populous city in Michigan and the 26th most populous city in the US with a population of 670,031 • Detroit has the second largest regional economy in the Midwest largely due to its contribution of $225 Billion to the state’s economy and supports over 712,000 jobs. • Home to multiple Fortune 500 companies including General Motors, Quicken Loans, Ally Financial and many more. • The Port of Detroit is one of the four major straits that connects the Great Lakes to the Saint Lawrence Seaway. The Port carries millions of tons of cargo per year.

Investment Highlights

  • New BTS Firestone | Essential Retailer
  • Interstate Location (117,606 VPD)
  • 5-Mile Population 97,763 & AVG HHI
  • Outparcel To Mejier Grocery Store
  • Long Term Corporate NNN Lease With Increases
  • "A" Rated Investment Grade

Exclusively Listed By

  • Don McMinn

    Senior Managing Director Investments

    Email Don

    License(s): GA: 292036

    Atlanta

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

Listing Price: $3,226,000

Cap Rate
5.00%
Tenant Name
Firestone
Years Remaining On Lease
14.0
Guarantor
Corporate Guarantee
Rentable SF
6,116
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.37

Investment Highlights

  • New BTS Firestone | Essential Retailer
  • Interstate Location (117,606 VPD)
  • 5-Mile Population 97,763 & AVG HHI
  • Outparcel To Mejier Grocery Store
  • Long Term Corporate NNN Lease With Increases
  • "A" Rated Investment Grade

Investment Overview

NEW BUILD TO SUIT FIRESTONE | ESSENTIAL RETAILER • New Build to Suit Firestone located in Wixom, MI. • This store is 6,116 SF with 8 service bays. INTERSTATE LOCATION • Subject property is located directly off interstate 96 (117,606 VPD). I-96 is a 192 Mile interstate that connects East to West Michigan. • This Firestone is located on Grand River Avenue (30,668 VPD) and right off the crossroad, Wixom Road (18,000 VPD). OUTPARCEL TO MEIJER GROCERY STORE • This Firestone sits as an outparcel to a Meijer grocery store and is located on the primary retail corridor surrounded by 4 Million SF of retail in a 1-mile radius. • Surrounding national retailers include Target, Home Depot, Kroger, Walmart and more. • Meijer is the 26th largest retailer in the country and has 253 stores. This Meijer location does $7.2 Million in average sales. • Located just over a mile from Ascension Providence Hospital, a seven story 500,000 SF hospital that includes a 108 room hotel. AFFLUENT HIGH GROWTH MARKET • The 5-mile population for this Firestone is 97,763. • Wixom is an affluent high growth MI market with a 5-mile average household income of $123,201 and population growth over 11.53%. LONG TERM CORPORATE NNN LEASE WITH INCREASES • The subject property has 15-Year lease (14-years remaining) guaranteed by Bridgestone Retail Operations, LLC (Corporate). • The lease is absolute NNN and the tenant is responsible for all taxes, insurance, CAM, roof and structure. • There are attractive 5% rental increases every 5 years during the initial lease and each of the five, 5-year option periods “A” RATED INVESTMENT GRADE TENANT • The lease is guaranteed by Bridgestone, parent company of Firestone, which is the world’s largest manufacturer of tire and rubber products. • Bridgestone/Firestone has an investment grade credit rating of “A” by S&P, giving it the highest credit rating in the auto-service sector. • Founded in 1900 Firestone is a wholly-owned subsidiary of the Bridgestone Retail Operations, LLC, which has four retail brands and over 2,200 locations nationwide. • In 2018, Bridgestone (NYSE: BRDCY) had revenue in excess of $33.1 billion and ranked #365 on the Fortune 500 list. DETROIT MSA • Subject property is located 30 miles west of downtown Detroit, MI. • Detroit is the largest and most populous city in Michigan and the 26th most populous city in the US with a population of 670,031 • Detroit has the second largest regional economy in the Midwest largely due to its contribution of $225 Billion to the state’s economy and supports over 712,000 jobs. • Home to multiple Fortune 500 companies including General Motors, Quicken Loans, Ally Financial and many more. • The Port of Detroit is one of the four major straits that connects the Great Lakes to the Saint Lawrence Seaway. The Port carries millions of tons of cargo per year.

Exclusively Listed By

  • Don McMinn

    Senior Managing Director Investments

    Email Don

    License(s): GA: 292036

    Atlanta

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

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