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Department Store

JCPenney

1860 W Michigan Ave, Jackson, MI 49202

Listing Price: $2,356,782

Cap Rate
9.15%
Tenant Name
JCPenney
Years Remaining On Lease
5.6
Gross SF
96,937
Guarantor
Corporate Guarantee
Rentable SF
96,937
Price/Gross SF
$24.31
Lease Type
Double Net
Rent Per Square Feet
$2.58

Investment Overview

Marcus & Millichap is pleased to offer for sale this JCPenney, a single-tenant retail property located at 1860 W Michigan Ave in Jackson, Michigan. The property was constructed in 1973 on a nine-acre parcel with ample parking and 96,937 square feet of total rentable space. The parcel is currently in the process of being split into an outparcel. This will be available separately and will create upside potential for an investor/developer. The tenant is corporately guaranteed by JCPenney Corporation with a historical occupancy of 50 years. There are six years of term remaining on a double-net lease with a low rental rate of $2.58/SF. There is a 31.8 percent rent increase scheduled in 2025 and each of the two five-year option periods also contain a rent increase. JCPenney is a midscale American department store chain with 689 locations in the United States (49 states) and Puerto Rico. In addition to selling conventional merchandise, JCPenney offers large fine jewelry departments, The Salon by InStyle, and Sephora inside the stores. JCPenney stores often house several leased departments such as Seattle’s Best Coffee, optical centers and portrait studios. The asset 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 and is connected to Westwood Mall and Walmart Supercenter. Two miles away is 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. JCPenney is an excellent opportunity to acquire a stable property in a core retail corridor with significant rental increases.

Investment Highlights

  • 31.8 Percent Rent Increase in 2025 | Two Five-Year Options with Rent Increases
  • Corporate Guarantee by JCPenney Corporation | Double-Net Lease
  • Historical Occupancy of 50 Years
  • Outparcel is Available for Separate Purchase
  • Close Proximity to Interstate-94 (41,136 VPD)
  • Dense Retail Market | 6.8 Million SF in Five Miles
  • Connected to Westwood Mall and Walmart Supercenter
  • Jackson Crossing Two Miles Away (+656,000 SF Mall Anchored by Target, TJ Maxx, Kohl's and Others)

Exclusively Listed By

Department Store

JCPenney

Listing Price: $2,356,782

Cap Rate
9.15%
Tenant Name
JCPenney
Years Remaining On Lease
5.6
Gross SF
96,937
Guarantor
Corporate Guarantee
Rentable SF
96,937
Price/Gross SF
$24.31
Lease Type
Double Net
Rent Per Square Feet
$2.58

Investment Highlights

  • 31.8 Percent Rent Increase in 2025 | Two Five-Year Options with Rent Increases
  • Corporate Guarantee by JCPenney Corporation | Double-Net Lease
  • Historical Occupancy of 50 Years
  • Outparcel is Available for Separate Purchase
  • Close Proximity to Interstate-94 (41,136 VPD)
  • Dense Retail Market | 6.8 Million SF in Five Miles
  • Connected to Westwood Mall and Walmart Supercenter
  • Jackson Crossing Two Miles Away (+656,000 SF Mall Anchored by Target, TJ Maxx, Kohl's and Others)

Investment Overview

Marcus & Millichap is pleased to offer for sale this JCPenney, a single-tenant retail property located at 1860 W Michigan Ave in Jackson, Michigan. The property was constructed in 1973 on a nine-acre parcel with ample parking and 96,937 square feet of total rentable space. The parcel is currently in the process of being split into an outparcel. This will be available separately and will create upside potential for an investor/developer. The tenant is corporately guaranteed by JCPenney Corporation with a historical occupancy of 50 years. There are six years of term remaining on a double-net lease with a low rental rate of $2.58/SF. There is a 31.8 percent rent increase scheduled in 2025 and each of the two five-year option periods also contain a rent increase. JCPenney is a midscale American department store chain with 689 locations in the United States (49 states) and Puerto Rico. In addition to selling conventional merchandise, JCPenney offers large fine jewelry departments, The Salon by InStyle, and Sephora inside the stores. JCPenney stores often house several leased departments such as Seattle’s Best Coffee, optical centers and portrait studios. The asset 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 and is connected to Westwood Mall and Walmart Supercenter. Two miles away is 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. JCPenney is an excellent opportunity to acquire a stable property in a core retail corridor with significant rental increases.

Exclusively Listed By

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