该房产将于8月20日(星期三)至8月22日(星期一)拍卖。所显示的价格是1,200,000美元的起始标价。有关信息,并登记投标,请访问TEN-X.com。
This offering is a two-tenant retail building that is 100% leased by Tractor Supply Co. and Dunham’s Sports (the “Property”) located at 69060-69080 M-66 in Sturgis Township, Michigan 49091. This Property presents investors an opportunity to acquire a well-positioned asset with national tenants that is generating positive cash flow with minimal nearby competition.
The Property is comprised of 1 single story building with ±71,635 SF on a ±10.54 AC parcel. The Property is 100% occupied by Tractor Supply Co. and Dunham’s Sports who both have ±8 years remaining on their respective leases. Completely renovated in 2016, this Property is conveniently located on a main area thoroughfare, M-66, and offers excellent ingress/egress with multiple access points.
Tractor Supply Company (TSC) is the largest operator of rural lifestyle retail stores in the US and TSC is operating under a triple net lease in which the tenant reimburses the landlord its pro rata share of all operating expenses, including CAM (plus a 10% management fee), real estate taxes and insurance. The lease includes scheduled rental increases of 10% every five years, as well as four, five-year renewal options. Dunham’s Sports, is the Midwest’s largest sporting goods chain and is operating under a gross lease in which the tenant does not reimburse the landlord for any operating expenses. The lease is equipped with rental escalations of $0.25 per SF every five years as well as four, five-year renewal options. The landlord also receives an annual CAM contribution of $1,000 from an adjacent, unowned McDonald’s parcel per an easement agreement.
The building was formerly occupied by Kmart and extensive renovations, totaling approximately $1.4M, were completed by the landlord in 2016. These upgrades include adding plumbing and splitting utilities and electrical services to divide the building; installing brand new HVAC, electrical and fire suppression systems for the Dunham’s space; all new exterior painting; repairing and updating parking lot lighting and pylon signage; and repaving (asphalt), striping and sealing the main portions of the parking lot. In addition to the landlord’s investment, Tractor Supply Co. completed their own build out, which included new HVAC and doorways, among other items.
The Property is located in Sturgis Township, a civil township covering 18 square miles in southeast St. Joseph County, Michigan. St. Joseph County is part of the Kalamazoo-Battle Creek-Portage Combined Statistical Area and it is the third largest CSA in Michigan with a population of 530,000+. The site is located on the west side of M-66, along the main retail corridor of Sturgis. The Property is located in a retail corridor and nearby developments include Meijer, Kroger, Walmart, Walgreens, Rite Aid, Advance Auto Parts and various fast food and other restaurants. In 2018, within a five-mile radius of the Property, the total population is ±17,895 with an average household income of ±$62,426 and the total daytime population is ±20,056. The tenants at the Property benefit from the rural nature of the area, providing for a loyal customer base and minimal nearby competition.
This Tractor Supply Co. And Dunham’s Sports retail offering gives investors the opportunity to purchase a stable two-tenant retail center with in-place income, ±8-years remaining leases, and excellent visibility/frontage along M-66. This property will be auctioned on Monday, August 20 - Wednesday, August 22 . The price displayed is the starting bid amount of $1,200,000. For information and to register to bid on this property, please visit Ten-X.com.