Muskegon, MI - DIck's Sporting Goods

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, Dick’s Sporting Goods investment property located in Muskegon, MI. The tenant, Dicks Sporting Goods, Inc., has 4-years remaining of lease term with a four (5-year) option to extend. The lease features a $.25/SF rental increase at the beginning of each 5 year option, growing NOI and providing a hedge against inflation. The lease is NN, with the Landlord responsible for the roof, structure, and liability insurance. Dick’s has enjoyed over 20 years of operating history at this location, having moved to the mall in 2004 and recently exercised a five-year extension, showing their commitment to the site. Dick’s is a junior anchor to the The Lakes Mall and is not yet parcelized. A buyer will be responsible for subdividing the property at their cost during escrow.

The Dick’s Sporting Goods box is located on the East side of The Lakes Mall (645,000+ SF of retail), which is located off Harvey Street, between E. Mt. Garfield Road and E. Sternberg Road. The Mall has direct access from US Highway 31 (47,000 VPD) with multiple points of ingress and egress along the frontage roads mentioned above. A suite of national tenants are outparcel’s to the mall including names like Olive Garden, Starbucks, Bob Evans, Red Lobster, Arby’s, Burger King, Take 5 Oil Change, Buffalo Wild Wings, and more. Dick’s is a co-anchor to the mall with Family Farm & Home and JCPenney. The surrounding area is the primary retail destination in Muskegon, and features Target, Menards, Meijer, Burlington, TJ Maxx, HomeGoods, Best Buy and Aldi to name a few, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 66,000 residents with an average household income of $88,000.

---

Report Listing This listing was syndicated through:

Listing ID: a28TP000001kZS1YAM