Grand Rapids, MI - Lovet Pet Vet & Starbucks Strip Center

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, three-tenant investment property located in Grand Rapids, Michigan. The tenants are all on new, 10-year leases with multiple 5-year options to extend, demonstrating their commitment to the site. All three leases have scheduled rental increases every 5 years throughout their initial terms and at the beginning of each option period, steadily growing NOI and hedging against inflation. The leases are NN with limited landlord responsibilities making it an ideal, low management investment opportunity for a passive investor.

The subject property is located near the signalized, hard corner intersection of E Beltline Avenue NE and Knapp Street NE which combine to average over 60,600 vehicles passing by daily. E Beltline Ave NE is a major retail thoroughfare serving the city of Grand Rapids. The asset is an outparcel to a Celebration Cinema anchored center that also features national/credit tenants including ALDI, Buffalo Wild Wings, Panera Bread, Cold Stone Creamery, and more. In addition, the site is also across from Knapp’s Crossing, a 17+ acre center that features national/credit tenants such as D&W Fresh Market, T.J. Maxx, Old Navy, Orangetheory, Ulta, Five Guys, and many others. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Meijer, QDOBA, Mattress Firm, P.F. Chang’s, UPS, Skechers, Bath and Body Works, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 158,200 residents and 125,250 employees with an affluent average household income of $173,276 within 1 mile.