Westland, MI - Kohl's

35000 Warren Rd, Westland, MI

$17,478,000

Price

6.5%

Cap Rate

$1,136,050

NOI

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Street
Map
Overview
Cap Rate
6.5%
NOI
$1,136,050
Building Size
90,860 sqft
Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee (land ownership) interest in an absolute NNN, corporate guaranteed, Kohl’s investment property located in Westland, Michigan (Detroit MSA). The tenant has occupied this location for over 36 years and currently has 13 years remaining on their lease with 4 (5-year) option periods to extend, demonstrating their long-term commitment to the site. The lease features a $0.05/SF/month rental increase in 2029 and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor.

Kohl’s is strategically located along Warren Road, a major retail and commuter thoroughfare, averaging 31,700 vehicles passing by daily. The subject property benefits from being on the signalized, hard corner intersection of Warren Road and N. Wayne Road (68,600 VPD). This is the #3 most visited Kohl’s in the state of Michigan due to the strong demographics in the immediate trade area and innovative brand partnerships like Amazon Pick-Up and Drop-Off and Sephora that help increase foot traffic to the store. This location generates over 662,000 visitors per year (per Placer.ai). The building is part of the Westland Shopping Center, a heavily trafficked super-regional mall that serves over 1.8 million visitors per year (per Placer.ai). Located within a dense retail corridor, the asset is within close proximity to a variety national/credit tenants including Walmart Supercenter, Target, Lowe’s, The Home Depot, Dick’s, Meijer, and Best Buy. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The investment has excellent visibility and access via significant street frontage, multiple points of ingress/egress, and a large monument sign. The 5-mile trade area is supported by more than 280,000 residents and 119,000 daytime employees with an affluent average household income of $93,487.

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Listing ID: a28TP0000007E4fYAE
Location
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