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Office Supply

FedEx Office

5730 South Westnedge Avenue, Portage, MI 49002

Listing Price: $2,518,200

Cap Rate
6.00%
Tenant Name
FedEx Kinko's Office and Print Services, Inc.
Years Remaining On Lease
8.3
Gross SF
5,972
Guarantor
Subsidiary of a Corporation
Rentable SF
5,972
Price/Gross SF
$421.67
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$25.30

Investment Overview

Marcus & Millichap has been retained as the exclusive advisor for the marketing and disposition of the FedEx Office property located at 5730 South Westnedge Avenue in Portage, Michigan. The 5,972-square foot single-tenant investment property is situated on a 0.51 acre lot located in close proximity to the Interstate 94 interchange. Traffic counts on Interstate 94 exceed 84,000 vehicles per day providing excellent exposure for the FedEx Office Print and Ship store. This property benefits from being situated at the interchange of Interstate-94 by allowing for customers from the entire Western-Michigan market and beyond to efficiently reach this location. Westnedge Avenue experiences in excess of 30,000 vehicles per day.

The tenant, FedEx Office and Print Services, Inc. has been at this location for 30 years and recently extended their lease term for 10 years, showing commitment to this market. The lease features a 15 percent rental increase in year six. The lease also features two additional five-year options to renew with ten percent increases in each option period. The tenant is a subsidiary of parent FedEx Corporation.

The asset is situated in a core retail market with over 12 million square feet of retail within five miles. FedEx Office is seconds from many regional shopping centers including Southland Mall, anchored by Kohls, TJ Maxx, and Petco; as well as The Crossroads Mall, a 769,000 square foot mall anchored by Macys, JCPenney, and Sears. Crossroads Mall is the only enclosed regional mall within 45 miles. Other nearby national retail includes ALDI, Bed Bath & Beyond, Meijer, Lowes Home Improvement, Target, The Home Depot, Sams Club among numerous fast casual and quick service restaurants.

Portage, Michigan features excellent demographics; there are over 141,000 residents with an average household income exceeding $67,000 within a five-mile radius of the investment property. Portage is situated midway between Chicago and Detroit along Interstate 94. The city's largest employers are Pfizer Pharmaceuticals and Stryker Instruments.

This asset is located just over five miles from the campus of Western Michigan University, a national research university enrolling nearly 24,000 students from across the United States and internationally. Downtown Kalamazoo, less than six miles from this property, features a diverse economy of manufacturing and life sciences, as well as craft breweries and distilleries that distribute nation-wide.

This FedEx Office property provides an investor with a great opportunity to acquire a stable asset in a core retail market.

Investment Highlights

  • Investment Grade Tenancy | FedEx Corporation (S&P: BBB)
  • 30 Years of Occupancy | 8.4 Years Remaining on NNN Lease Term
  • Fifteen Percent Rental Increase in Year Six
  • Core Retail Market | Over 12 Million Square Feet of Retail Within Five Miles
  • Nearby Regional Shopping Centers: Southland Mall and The Crossroads Mall
  • Excellent Visibility | Over 48,000 Vehicles Per Day

Exclusively Listed By

Listing Price: $2,518,200

Cap Rate
6.00%
Tenant Name
FedEx Kinko's Office and Print Services, Inc.
Years Remaining On Lease
8.3
Gross SF
5,972
Guarantor
Subsidiary of a Corporation
Rentable SF
5,972
Price/Gross SF
$421.67
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$25.30

Investment Highlights

  • Investment Grade Tenancy | FedEx Corporation (S&P: BBB)
  • 30 Years of Occupancy | 8.4 Years Remaining on NNN Lease Term
  • Fifteen Percent Rental Increase in Year Six
  • Core Retail Market | Over 12 Million Square Feet of Retail Within Five Miles
  • Nearby Regional Shopping Centers: Southland Mall and The Crossroads Mall
  • Excellent Visibility | Over 48,000 Vehicles Per Day

Investment Overview

Marcus & Millichap has been retained as the exclusive advisor for the marketing and disposition of the FedEx Office property located at 5730 South Westnedge Avenue in Portage, Michigan. The 5,972-square foot single-tenant investment property is situated on a 0.51 acre lot located in close proximity to the Interstate 94 interchange. Traffic counts on Interstate 94 exceed 84,000 vehicles per day providing excellent exposure for the FedEx Office Print and Ship store. This property benefits from being situated at the interchange of Interstate-94 by allowing for customers from the entire Western-Michigan market and beyond to efficiently reach this location. Westnedge Avenue experiences in excess of 30,000 vehicles per day.

The tenant, FedEx Office and Print Services, Inc. has been at this location for 30 years and recently extended their lease term for 10 years, showing commitment to this market. The lease features a 15 percent rental increase in year six. The lease also features two additional five-year options to renew with ten percent increases in each option period. The tenant is a subsidiary of parent FedEx Corporation.

The asset is situated in a core retail market with over 12 million square feet of retail within five miles. FedEx Office is seconds from many regional shopping centers including Southland Mall, anchored by Kohls, TJ Maxx, and Petco; as well as The Crossroads Mall, a 769,000 square foot mall anchored by Macys, JCPenney, and Sears. Crossroads Mall is the only enclosed regional mall within 45 miles. Other nearby national retail includes ALDI, Bed Bath & Beyond, Meijer, Lowes Home Improvement, Target, The Home Depot, Sams Club among numerous fast casual and quick service restaurants.

Portage, Michigan features excellent demographics; there are over 141,000 residents with an average household income exceeding $67,000 within a five-mile radius of the investment property. Portage is situated midway between Chicago and Detroit along Interstate 94. The city's largest employers are Pfizer Pharmaceuticals and Stryker Instruments.

This asset is located just over five miles from the campus of Western Michigan University, a national research university enrolling nearly 24,000 students from across the United States and internationally. Downtown Kalamazoo, less than six miles from this property, features a diverse economy of manufacturing and life sciences, as well as craft breweries and distilleries that distribute nation-wide.

This FedEx Office property provides an investor with a great opportunity to acquire a stable asset in a core retail market.

Exclusively Listed By

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