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Shopping Strip

PNC Center | Lowe’s Shadow Anchored

1965 Boardman Rd, Jackson, MI 49202

Listing Price: $3,661,994

Cap Rate
7.75%
Gross SF
22,975
Rentable SF
22,975
Price/Gross SF
$159.39
Lot Size
2.51 acres
Year Built
2000

Investment Overview

Marcus & Millichap is pleased to offer for sale this PNC Center, a two-building retail center located at 1965 Boardman Rd in Jackson, Michigan. The property was constructed in 2000 and the second building was added in 2007. The asset sits on a 2.51-acre parcel with ample parking and 22,975 square feet of total rentable space. The 100 percent occupied center is anchored by PNC Bank, accompanied by Country Stitches, SouthernCare, Le Nail and The Floor Trader. There has never been tenant turnover at this property. Over 77 percent of the tenants have an occupancy of 14+ years, and over 91 percent of the tenants are NNN leases. PNC Bank (S&P: A-) has occupied the site since 2005 and has approximately four years of term remaining on their NNN lease. The bank features a double lane drive-thru with ATM and is the only PNC Bank branch location in Jackson County; the nearest branch is 23.5 miles away. The tenant has a strong deposit base with a 50 percent increase over the last two years. PNC is the fifth largest commercial banking organization in the United States and has a reported revenue of $18.2 billion as of 2020. SouthernCare is a hospice care provider with 377 locations in 35 states. The tenant paid for the majority of their buildout space and it’s a necessary site, as the company requires an office to provide their services. SouthernCare has an 11-year operating history on the NNN lease. The center is strategically located near the Interstate-94 and US-127 interchange with freeway visibility and a combined traffic count of over 66,000 vehicles per day. The area benefits from a dense retail market with 6.8 million square feet of retail in a five-mile radius. There are over 75,500 full-time residents with an average household income exceeding $59,500 per year within five miles of the asset. The subject property is positioned nine minutes from Downtown Jackson, shadow anchored by Lowe’s and Jackson Crossing, a 656,000 square foot regional shopping mall including tenants such as Target, TJ Maxx, Kohl’s, Michael’s, Bed Bath & Beyond and Best Buy. Other nearby national retailers include The Home Depot, Kroger, ALDI, Big Lots, among many others. The PNC Center is an excellent opportunity to acquire a stabilized property in a core retail corridor.

Investment Highlights

  • 100% Occupied Center with Long-Term Tenants
  • PNC Strong Deposit Base | 50% Increase Over the Last Two Years
  • 91% NNN Leases | 77% Historical Occupancy of +14 Years
  • The Only PNC Bank Branch in Jackson County, Michigan | Nearest Branch 23.5 Miles Away
  • Freeway Visibility from Interstate-94 (41,136 VPD)
  • Dense Retail Market | 6.8 Million SF in Five Miles
  • Shadow Anchored by Lowe's and Jackson Crossing (+656,000 SF Mall Anchored by Target, TJ Maxx, Kohl's and Others)

Exclusively Listed By

Shopping Strip

PNC Center | Lowe’s Shadow Anchored

Listing Price: $3,661,994

Cap Rate
7.75%
Gross SF
22,975
Rentable SF
22,975
Price/Gross SF
$159.39
Lot Size
2.51 acres
Year Built
2000

Investment Highlights

  • 100% Occupied Center with Long-Term Tenants
  • PNC Strong Deposit Base | 50% Increase Over the Last Two Years
  • 91% NNN Leases | 77% Historical Occupancy of +14 Years
  • The Only PNC Bank Branch in Jackson County, Michigan | Nearest Branch 23.5 Miles Away
  • Freeway Visibility from Interstate-94 (41,136 VPD)
  • Dense Retail Market | 6.8 Million SF in Five Miles
  • Shadow Anchored by Lowe's and Jackson Crossing (+656,000 SF Mall Anchored by Target, TJ Maxx, Kohl's and Others)

Investment Overview

Marcus & Millichap is pleased to offer for sale this PNC Center, a two-building retail center located at 1965 Boardman Rd in Jackson, Michigan. The property was constructed in 2000 and the second building was added in 2007. The asset sits on a 2.51-acre parcel with ample parking and 22,975 square feet of total rentable space. The 100 percent occupied center is anchored by PNC Bank, accompanied by Country Stitches, SouthernCare, Le Nail and The Floor Trader. There has never been tenant turnover at this property. Over 77 percent of the tenants have an occupancy of 14+ years, and over 91 percent of the tenants are NNN leases. PNC Bank (S&P: A-) has occupied the site since 2005 and has approximately four years of term remaining on their NNN lease. The bank features a double lane drive-thru with ATM and is the only PNC Bank branch location in Jackson County; the nearest branch is 23.5 miles away. The tenant has a strong deposit base with a 50 percent increase over the last two years. PNC is the fifth largest commercial banking organization in the United States and has a reported revenue of $18.2 billion as of 2020. SouthernCare is a hospice care provider with 377 locations in 35 states. The tenant paid for the majority of their buildout space and it’s a necessary site, as the company requires an office to provide their services. SouthernCare has an 11-year operating history on the NNN lease. The center is strategically located near the Interstate-94 and US-127 interchange with freeway visibility and a combined traffic count of over 66,000 vehicles per day. The area benefits from a dense retail market with 6.8 million square feet of retail in a five-mile radius. There are over 75,500 full-time residents with an average household income exceeding $59,500 per year within five miles of the asset. The subject property is positioned nine minutes from Downtown Jackson, shadow anchored by Lowe’s and Jackson Crossing, a 656,000 square foot regional shopping mall including tenants such as Target, TJ Maxx, Kohl’s, Michael’s, Bed Bath & Beyond and Best Buy. Other nearby national retailers include The Home Depot, Kroger, ALDI, Big Lots, among many others. The PNC Center is an excellent opportunity to acquire a stabilized property in a core retail corridor.

Exclusively Listed By

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