Tractor Supply Co. Retail Center

CONTACT US REGARDING THIS LISTING

Marvin DeLaura

Senior Director

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PROPERTY ADDRESS

3451 W. Houghton Lake Dr., Houghton Lake, MI 48629

PROPERTY INFORMATION

Price:
$3,060,000
Cap Rate:
8.25%
Term Remaining:
15 years Years
Year Built:
1989
Status:
Available

INVESTMENT HIGHLIGHTS

  • Recent Long Term Extensions (TSC, Dunhams & Peebles) Show Tenant Commitments to this Location
  • All Tenants are in New 1st Generation Spaces
  • 20% Vacancy Allows for Future Upside in Event Space
  • New Roof in 2015 with Transferable Warranty
  • Parking Lot Sealed & Striped in 2015
  • Fire Sprinkler System Updated in 2016
  • Well Water System Recently Upgraded to Current Standards
  • Houghton Lake Event Center entrance (new side door system) created with electrical to serve food trailers with new overhead door installed to facilitate access.
  • Exterior completely repainted in 2016/2017

INVESTMENT SUMMARY

Fortis Net Lease is pleased to present this 81% occupied Tractor Supply anchored retail center located on the main retail corridor in Houghton Lake, MI. The Center consists of a 94,522 square foot building with strong National tenants including Tractor Supply Company (TSC), Peebles (Stage Stores), Dunham’s, and Cooper Standard. TSC, Dunham’s, and Stage are on long term leases. Coopers Standard is currently in the 1st of 4 one year Option periods. The leases are a mix of Gross and NNN in nature and feature built in increases and options. Neighboring ten-ants include Home Depot, Walmart, O’Reilly, Dollar General, and more. This is an opportunity for an investor to acquire a stabilized and very well maintained retail center with an excellent tenant mix and a history of long term occupancy.