Firestone – Wixom, MI
Fortis Net Lease is pleased to present this 6,116 SF. Firestone Complete Auto Care (Bridgestone Retail Operations, LLC) located in Wixom, Michigan. The property is encumbered with a Fifteen (15) Year NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years & contains 4 (5) Yr. Options to renew, each with a 5% rental rate increase. The store is open and started paying rent in January 2020.
This Firestone store is highly visible as it is strategically positioned near the I-94 express way (125,002 cars per day) on Grand River Avenue which sees 30,668 cars per day. The five mile population from the site is 99,158 while the 5 mile average household income is $107,604 per year, making this location ideal for a Firestone. The area is experiencing great growth with the one mile population growth rate at 4.49%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Firestone. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant. List price reflects a 5.00% cap rate based on NOI of $161,298.
• “Essential” Retailer | Brand New Firestone BTS Development
• Five Mile Population of 99,158, 1 Mile Population Growth of 4.91%
• ADTC of 30,668 on Grand River Avenue | 18K on Wixom Rd.
• 5 Mile Average Household Income of $107,604
• Meijer Outparcel ($7.2 Million Average Sales)
• 15 Year Absolute NNN Lease | 5% Rent Bumps Every 5 Years
• 4 (5 Year) Options | 5% Rental Increase At Each Option
• Close and Quick Access to Interstate-96 Which Sees 125,002 Cars Per Day