AQRE Advisors is pleased to present the opportunity to acquire Leo’s Center located at 106 – 110 South Main Street in Royal Oak, Michigan (“Property”). The 11,620 SF multi-tenant building is situated on 0.16 acres of land and consists of a mix of local and regional tenants with long-term leases in place. The subject property provides a rare opportunity to acquire a multi-tenant mixed use building showcasing stability with a weighted average lease term (WALT) of 8.6 years, all within the desirable district of Downtown Royal Oak.
- 86% occupied mixed-used center anchored by Leo’s Coney Island (multi-unit operator) with a long term lease of 7+ years remaining.
- Long term leases in place with a weighted average lease term (WALT) of 8.6
- The property is located in the heart of Downtown Royal Oak, an upscale, walkable community within Oakland County, MI.
- Adjacent to Henry Ford Medical Center and Emagine Royal Oak, promoting higher traffic counts and foot traffic
- Surrounding retailers include Emagine Royal Oak, Buffalo Wild Wings, Holiday Market, Starbucks, Chipotle, Henry Ford Health System, Beaumont Urgent Care, and more.
- Henry Ford Health recently constructed and opened a brand new +/- 145,000 SF medical center +/- 450 ft. from the subject Property. Henry Ford Health has more than 30,000 employees working across its five hospitals, as well as a 100-bed psychiatric hospital, a physician network of more than 1,200 doctors, and the Health Alliance Plan insurance company.
- Beaumont Health and Spectrum Health System recently announced the merger of the two companies in 2022. BHSH Health—a temporary name for the new entity—is now the largest health system and private employer in the state of Michigan. It employs more than 64,000 people across its hospitals, over 300 outpatient locations, several post-acute facilities and its 1.2 million-member health plan, Priority Health.
- Baker College, Michigan’s largest non-profit college as well as the states top private transfer school has a new $51 Million Royal Oak campus that will be completed for the fall semester of 2022.