AQRE Advisors is pleased to present the opportunity to acquire a multi-tenant retail center in Flat Rock, MI. The +/-32,282 square foot center is approximately 80% occupied, providing an investor additional upside. The Property has sustainable, long-term tenancy due to below market rental rates. The major tenants include CVS, Leo’s Coney Island, H&R Block, Metro PCS and other neighborhood retailers that have long-term operating history.
- The Property is located on the NW corner of Telegraph Rd (17,960 VPD) and Vreeland Rd (8,977 VPD). The shopping center is shadow anchored by Meijer, Michigan’s largest grocery chain boasting 259 stores throughout the Midwest.
- The shopping center is anchored by CVS Pharmacy, an investment grade tenant (BBB) with $286.7 Billion in yearly revenue (2021).
- CVS occupies approximately 34% of the center and recently signed a new 15-year lease, which commenced on February 1, 2021, showcasing additional long-term commitment as the tenant has over 20 years of operating history at this location.
- Leo’s Coney Island (Multi-Unit Operator) recently restructured their lease to a new 10-year deal.
- Rock on Smokers (10-year operating history) recently signed a new 10-year lease.
- Mimi’s Pizzeria recently signed a brand new 5-year deal.
- The immediate retail corridor presents a mix of national tenants including O’Reilly’s, AutoZone, Family Dollar, McDonald’s, Taco Bell, Verizon, and Dunkin Donuts.
- A new parking lot is expected to be completed by the end of 2021.