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Shopping Strip

CVS Shadow Anchored Center

31075-31089 Hayes Rd, Warren, MI 48088

Listing Price: $2,990,689

Cap Rate
8.00%
Gross SF
23,208
Rentable SF
23,208
Price/Gross SF
$128.86
Lot Size
0.88 acres
Year Built
1980

Investment Overview

Marcus & Millichap is pleased to offer for sale a CVS Shadow Anchored Center located in Warren, MI at the northwest corner of 13 Mile and Hayes Rd. The 23,208 square foot center is currently 100 percent occupied by a synergistic mix of tenancy. The anchor tenant, Life Enrichment Academy, occupies over 60 percent of the GLA and recently executed a five-year extension on their lease. Jet’s Pizza also extended their lease for an additional ten years which will expire in 2032. CVS (the shadow anchor) has been located in the center for more than 27 years and is committed to this location for the long term. Sixty percent of the center is getting a new roof before the end of the year and the remaining portion of the roof was replaced in 2019. A new parking lot was also completed in 2019. The CVS Shadow Anchored Center features excellent visibility on a corner lot with substantial parking. 13 Mile Rd and Hayes Rd combined experience over 29,500 vehicles per day. Additionally, the property is situated in a core retail market with over 20.7 million square feet of retail within a five-mile radius. Nearby national retail includes Walmart, Kroger, Meijer, The Home Depot, JCPenny, Sam’s Club, Best Buy, Bed Bath & Beyond, DSW, Marshalls, Five Below, among numerous fast-casual restaurants and convenience stores. CVS Shadow Anchored Center is strategically located within 3 miles from Interstate-696 (116,400+ VPD) and Interstate-94 (130,800+ VPD). The City of Warren is the largest city in Macomb County, the third largest city in Michigan, and Metro-Detroit’s largest suburb. As of 2010, the population exceeded 134,000 residents. Top employers include General Motors (17,000) TACOM (6,500) Fiat Chrysler Automobiles (4,200) and St. John Macomb Hospital (1,320). There are over 321,000 people within five miles of this asset. The CVS Shadow Anchored Center is an excellent opportunity to acquire a fully occupied center in a densely populated area.

Investment Highlights

  • 100% Occupied Retail Center
  • CVS (the Shadow Anchor) is Committed to this Location for the Long Term (27+ Year Tenancy)
  • New Roof on 60% of the Center will be Completed This Year | Remaining Portion was Replaced in 2019
  • Near Macomb Community College, Local Public Schools and Ascension Macomb-Oakland Hospital - Warren Campus
  • Within Close Vicinity of I-696 and I-94 Expressways
  • Core Retail Market | 20.7 Million Square Feet of Retail Within Five Miles
  • Warren is the Largest Suburb in Metro Detroit | Over 321,000 People within Five Miles

Exclusively Listed By

Shopping Strip

CVS Shadow Anchored Center

Listing Price: $2,990,689

Cap Rate
8.00%
Gross SF
23,208
Rentable SF
23,208
Price/Gross SF
$128.86
Lot Size
0.88 acres
Year Built
1980

Investment Highlights

  • 100% Occupied Retail Center
  • CVS (the Shadow Anchor) is Committed to this Location for the Long Term (27+ Year Tenancy)
  • New Roof on 60% of the Center will be Completed This Year | Remaining Portion was Replaced in 2019
  • Near Macomb Community College, Local Public Schools and Ascension Macomb-Oakland Hospital - Warren Campus
  • Within Close Vicinity of I-696 and I-94 Expressways
  • Core Retail Market | 20.7 Million Square Feet of Retail Within Five Miles
  • Warren is the Largest Suburb in Metro Detroit | Over 321,000 People within Five Miles

Investment Overview

Marcus & Millichap is pleased to offer for sale a CVS Shadow Anchored Center located in Warren, MI at the northwest corner of 13 Mile and Hayes Rd. The 23,208 square foot center is currently 100 percent occupied by a synergistic mix of tenancy. The anchor tenant, Life Enrichment Academy, occupies over 60 percent of the GLA and recently executed a five-year extension on their lease. Jet’s Pizza also extended their lease for an additional ten years which will expire in 2032. CVS (the shadow anchor) has been located in the center for more than 27 years and is committed to this location for the long term. Sixty percent of the center is getting a new roof before the end of the year and the remaining portion of the roof was replaced in 2019. A new parking lot was also completed in 2019. The CVS Shadow Anchored Center features excellent visibility on a corner lot with substantial parking. 13 Mile Rd and Hayes Rd combined experience over 29,500 vehicles per day. Additionally, the property is situated in a core retail market with over 20.7 million square feet of retail within a five-mile radius. Nearby national retail includes Walmart, Kroger, Meijer, The Home Depot, JCPenny, Sam’s Club, Best Buy, Bed Bath & Beyond, DSW, Marshalls, Five Below, among numerous fast-casual restaurants and convenience stores. CVS Shadow Anchored Center is strategically located within 3 miles from Interstate-696 (116,400+ VPD) and Interstate-94 (130,800+ VPD). The City of Warren is the largest city in Macomb County, the third largest city in Michigan, and Metro-Detroit’s largest suburb. As of 2010, the population exceeded 134,000 residents. Top employers include General Motors (17,000) TACOM (6,500) Fiat Chrysler Automobiles (4,200) and St. John Macomb Hospital (1,320). There are over 321,000 people within five miles of this asset. The CVS Shadow Anchored Center is an excellent opportunity to acquire a fully occupied center in a densely populated area.

Exclusively Listed By

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