Staples
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Frank Rogers

Senior Advisor

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PROPERTY ADDRESS

1485 Mall Dr., Benton Harbor, MI 49022

PROPERTY INFORMATION

Price:
$2,072,400
Cap Rate:
8.50%
Term Remaining:
5 Years
Year Built:
1995
Status:
Available

INVESTMENT HIGHLIGHTS

  • Tenant Just Exercised Option for Second Lease Extension
  • Only National office Supply Store in Trade Area
  • HVAC Coils Replaced in 2016 by Tenant Showing Site Commitment
  • Site Includes Value Add Pad Site for Building up to 1500 SF
  • Proven Location with 20+ Years of Operating History
  • Option Periods Feature Rare 15% Rent Increases
  • NN+ Lease Terms Require Very Minimal Landlord Responsibilities
  • Corporately Guaranteed by Staples The Office, Inc.
  • Staples Pays 6% Admin Fee on CAM (Not Included in NOI)
  • Staples Reimburses $440/Month For Parking Lot Through Oct 18 (Not Included in NOI)

INVESTMENT SUMMARY

Fortis Net Lease is proud to present this free standing Staples located off of Mall Drive in Benton Harbor, Michigan. Staples just signed a new 5 year extension at a location that they have operated at since 1995. In addition to the recent lease extension providing site commitment to the prospective investor the real estate is extremely well position located immediately adjacent to the Walmart Super Center, Lowe’s, and Meijer.

The lease is double net in nature, which leaves the landlord responsible for the roof & structure, and parking lot of the property. The lease is also equipped with three additional (5) year option periods, each of which present 15% rent bumps. Additionally, the lease is corporately guaranteed by Staple The Office, Inc., a corporate national tenant, with roughly 3800 stores across the country.

The subject property is located just off of I-94, one of Michigan’s major interstates connecting Detroit to Chicago. The property sits as a central point to Benton Harbor’s main retail corridor, which hosts a majority of the major national tenant brands including Target, Meijer, Lowe’s, Walmart, Kohl’s, and Home Depot. The average household income within 5 miles of the property is over $57,000, and the population within 5 miles if over 51,000. The subject property sits just south west about an hour outside of Grand Rapids, Michigan’s second largest populated city.