Miscellaneous

JOANN Fabrics and Crafts

600 Brown Rd, Auburn Hills, MI 48326

Listing Price: $7,270,622

Cap Rate
6.75%
Tenant Name
JOANN Fabrics and Crafts
Years Remaining On Lease
7.30
Guarantor
Corporate Guarantee
Lease Type
Triple Net (NNN)

Investment Overview

JoAnn’s has been successfully operating at this location for 20+ years, and recently extended their lease through January 31, 2028. Originally a 15 year true NNN lease it has been extended twice thus far, indicating the Tenant’s strong desire to be at this location. In addition to offering a landlord friendly lease, the lease calls for regular rent escalations during both base and option terms. These escalations hedge against inflation. Located in the destination retail of Auburn Mile Shopping Center. The asset is anchored by Target, Costco and Meijer along with Olive Garden, and Wendy’s among other tenants/pads. There are more than 50 other retailers in the immediate area. The area population is highly affluent and the population density continues to grow. Auburn Hills is located just 26 miles north of Detroit.

Investment Highlights

  • Absolute Net-Lease – Zero Landlord Responsibilities
  • Strong Tenant Loyalty to Region. Original 15 Year Lease Extended Twice
  • Regular Escalations in Rent Hedges against Inflation

Exclusively Listed By

Miscellaneous

JOANN Fabrics and Crafts

Listing Price: $7,270,622

Cap Rate
6.75%
Tenant Name
JOANN Fabrics and Crafts
Years Remaining On Lease
7.30
Guarantor
Corporate Guarantee
Lease Type
Triple Net (NNN)

Investment Highlights

  • Absolute Net-Lease – Zero Landlord Responsibilities
  • Strong Tenant Loyalty to Region. Original 15 Year Lease Extended Twice
  • Regular Escalations in Rent Hedges against Inflation

Investment Overview

JoAnn’s has been successfully operating at this location for 20+ years, and recently extended their lease through January 31, 2028. Originally a 15 year true NNN lease it has been extended twice thus far, indicating the Tenant’s strong desire to be at this location. In addition to offering a landlord friendly lease, the lease calls for regular rent escalations during both base and option terms. These escalations hedge against inflation. Located in the destination retail of Auburn Mile Shopping Center. The asset is anchored by Target, Costco and Meijer along with Olive Garden, and Wendy’s among other tenants/pads. There are more than 50 other retailers in the immediate area. The area population is highly affluent and the population density continues to grow. Auburn Hills is located just 26 miles north of Detroit.

Exclusively Listed By

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