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Miscellaneous

Jared | The Galleria of Jewelry

451 W 14 Mile Rd, Madison Heights, MI 48071

Listing Price: $5,014,190

Cap Rate
8.50%
Tenant Name
Jared, The Galleria of Jewelry
Years Remaining On Lease
2.0
Gross SF
5,800
Guarantor
Corporate Guarantee
Rentable SF
5,800
Price/Gross SF
$864.52
Lease Type
Absolute Net
Rent Per Square Feet
$73.48

Investment Overview

Marcus & Millichap is pleased to present Jared, The Galleria of Jewelry, a 5,800-square foot single-tenant retail property located at 451 W. 14 Mile Road in Madison Heights, Michigan. Jared has operated at this location since it’s construction in 2003 on a 1.28-acre parcel with ample parking and space for additional development. This is an absolute net lease with a ten percent rent increase scheduled in 2023 and in each of the two remaining five-year option periods. Jared is a leading off-mall destination specialty retail jewelry store chain serving upper middle market customers. The jeweler operates over 270 stores in 41 states and is the fourth largest U.S. specialty retail jewelry brand by sales. Jared is a division of Sterling Jewelers, Inc., a subsidiary of Signet Jewelers which is the largest retailer of diamond jewelry in the world. The subject property is strategically located on W. 14 Mile Road across from Oakland Mall, a 1.5 million square-foot super-regional shopping mall with 166 stores, anchored by Macy’s, JCPenney, Dick’s Sporting Goods and At Home. The property also benefits from quick access to Interstate-75 which experiences approximately 85,000 vehicles per day. The immediate trade area is home to numerous big box and credit tenants including Kohl’s, Bed Bath & Beyond, TJ Maxx, HomeGoods, Big Lots, Dunham’s, JoAnn Fabrics, Target, Best Buy, among many others. Madison Heights, Michigan is situated fourteen miles from Downtown Detroit. The city has a population of over 29,600 and neighbors the City of Warren, the largest suburb in Michigan. There are 301,000 full-time residents and an average household income of $93,595 within five miles of the asset. This single-tenant retail property provides an investor with a stabilized asset with zero landlord responsibilities.

Investment Highlights

  • Two Years Remaining | Absolute Net Lease
  • Ten Percent Rent Increase in 2023 and in Options | Two Five-Year Options
  • Corporate Guarantee by Sterling Jewelers, Inc.
  • Larger Parcel with Ample Parking and Additional Development Opportunity
  • Excellent Visibility on w 14 Mile Road | 43,000 VPD
  • Across from Oakland Mall | 1.5 Million Square-Foot Super-Regional Shopping Mall
  • 26.1 Million Square Feet of Retail within a Five-Mile Radius
  • Over 301,000 Full-Time Residents & Average Household Income of $93,595 within a Five-Mile Radius

Exclusively Listed By

Miscellaneous

Jared | The Galleria of Jewelry

Listing Price: $5,014,190

Cap Rate
8.50%
Tenant Name
Jared, The Galleria of Jewelry
Years Remaining On Lease
2.0
Gross SF
5,800
Guarantor
Corporate Guarantee
Rentable SF
5,800
Price/Gross SF
$864.52
Lease Type
Absolute Net
Rent Per Square Feet
$73.48

Investment Highlights

  • Two Years Remaining | Absolute Net Lease
  • Ten Percent Rent Increase in 2023 and in Options | Two Five-Year Options
  • Corporate Guarantee by Sterling Jewelers, Inc.
  • Larger Parcel with Ample Parking and Additional Development Opportunity
  • Excellent Visibility on w 14 Mile Road | 43,000 VPD
  • Across from Oakland Mall | 1.5 Million Square-Foot Super-Regional Shopping Mall
  • 26.1 Million Square Feet of Retail within a Five-Mile Radius
  • Over 301,000 Full-Time Residents & Average Household Income of $93,595 within a Five-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present Jared, The Galleria of Jewelry, a 5,800-square foot single-tenant retail property located at 451 W. 14 Mile Road in Madison Heights, Michigan. Jared has operated at this location since it’s construction in 2003 on a 1.28-acre parcel with ample parking and space for additional development. This is an absolute net lease with a ten percent rent increase scheduled in 2023 and in each of the two remaining five-year option periods. Jared is a leading off-mall destination specialty retail jewelry store chain serving upper middle market customers. The jeweler operates over 270 stores in 41 states and is the fourth largest U.S. specialty retail jewelry brand by sales. Jared is a division of Sterling Jewelers, Inc., a subsidiary of Signet Jewelers which is the largest retailer of diamond jewelry in the world. The subject property is strategically located on W. 14 Mile Road across from Oakland Mall, a 1.5 million square-foot super-regional shopping mall with 166 stores, anchored by Macy’s, JCPenney, Dick’s Sporting Goods and At Home. The property also benefits from quick access to Interstate-75 which experiences approximately 85,000 vehicles per day. The immediate trade area is home to numerous big box and credit tenants including Kohl’s, Bed Bath & Beyond, TJ Maxx, HomeGoods, Big Lots, Dunham’s, JoAnn Fabrics, Target, Best Buy, among many others. Madison Heights, Michigan is situated fourteen miles from Downtown Detroit. The city has a population of over 29,600 and neighbors the City of Warren, the largest suburb in Michigan. There are 301,000 full-time residents and an average household income of $93,595 within five miles of the asset. This single-tenant retail property provides an investor with a stabilized asset with zero landlord responsibilities.

Exclusively Listed By

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