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INVESTMENT SUMMARY List Price: $1,136,718 Current NOI: $72,750 Initial Cap Rate: 6.50% Land Acreage:.22 Acres Year Built: 1970/Renovated 2010 Building Size: 3,000 SF LEASE SUMMARY Lease Type: NNN Taxes/CAM/Insurance: Tenant Responsibility Structure/Parking/Roof: Tenant Responsibility Original Rent Commencement: June 29, 2006 Original Lease Term: 10 Years Extended Commencement: October 1, 2016 Extended Expiration: September 30, 2021 Recent Extension: 5 Years Rent Increases: 2.50% Annual Increases Option Periods: Two, Five Year Options INVESTMENT HIGHLIGHTS 3,000 SF Citizens Bank on.22 Acres Renovated in 2010 Recently Extended Lease Term with 5 Years Remaining Two, Five Year Options 2.50% Annual Rent Increases LOCATION HIGHLIGHTS Located at the Corner of Mack Avenue & Bournemouth Road Prominent Retail Corridor 35,100 VPD on Mack Avenue Close to St. John Providence Medical Center (772 Bed Hospital) Near the Country Club of Detroit, Grosse Pointe Hunt Club & Lochmoor Club Average Household Income Exceeds $83,000 Within a 1 Mile Radius 5 Mile Population Exceeds 268,000 Residents Median Home Value Exceeds $151,000 Within a 1 Mile Radius Located Near Major Retail Tenants Including Walgreens, Starbuck s, McDonalds, LA Fitness, Kroger, CVS, Jo Anne Fabrics, Barnes & Noble, Men s Warehouse and More PROPERTY IMAGES Google Aerial Map: Google Street View: Click HERE Click HERE Rent Roll for Citizens Bank Year Monthly Rent Annual Rent Rent Increase % Increase 1 $6,062.50 $72,750.00 1,819 2.50% 2 $6,214.06 $74,568.75 1,864 2.50% 3 $6,369.41 $76,432.97 1,911 2.50% 4 $6,528.65 $78,343.79 1,959 2.50% 5 $6,691.87 $80,302.39
INVESTMENT OVERVIEW Fortis Net Lease is proud to present the Citizens Bank located at 19307 Mack Avenue in Grosse Pointe Woods, MI. The NNN lease was recently extended by 5 years so the new expiration date is September 30, 2021. The extension includes 2.50 percent annual rent increases and two, five year options. The subject property is located at the corner of Mack Avenue and Bournemouth Road. It is situated along a prominent retail corridor and there are 35,100+ vehicles per day on Mack Avenue. The average household income within one mile of the property is over $83,000 and the median home value exceeds $151,000. The surrounding area is densely populated and has more than 268,000 residents. The subject property is surrounded by retail tenants including: Walgreens, Starbuck s, McDonalds, LA Fitness, Kroger, CVS, Jo Anne Fabrics, Barnes & Noble and Men s Warehouse. TENANT OVERVIEW Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide retail and commercial banking products and services in the United States. It operates through two segments, Consumer Banking and Commercial Banking. The Consumer Banking segment focuses on retail customers and small businesses with traditional banking products and services, including checking, savings, home loans, student loans, credit cards, business loans, and financial management services. This segment also provides indirect auto finance for new and used vehicles through automotive dealerships. The Commercial Banking segment provides various financial products and solutions, including loans, leases, trade financing, deposits, cash management, foreign exchange, interest rate risk management, corporate finance, and capital markets advisory capabilities. It focuses on small and middle-market companies, and serves government banking, not-for-profit, healthcare, technology, asset finance, franchise finance, asset-based lending, commercial real estate, private equity, and sponsor finance industries. As of December 31, 2014, the company operated 1,200 branches in 11 states across the New England, Mid-Atlantic, and Midwest regions, as well as online, telephone, and mobile banking platforms. It also maintains approximately 100 retail and commercial non-branch offices located in 11 other states and the District of Columbia outside its branch footprint. The company was formerly known as RBS Citizens Financial Group, Inc. and changed its name to Citizens Financial Group, Inc. in April 2014. The company was founded in 1828 and is headquartered in Providence, Rhode Island. Citizens Financial Group, Inc. is a subsidiary of The Royal Bank of Scotland plc.
LOCATION OVERVIEW Grosse Pointe Woods, MI Grosse Pointe Woods is a suburban city in the U.S. state of Michigan, comprising a large portion of the Grosse Pointe communities. The population was 16,135 at the 2010 census. It is located about 10 miles northeast of downtown Detroit in the northeastern corner of Wayne County. Grosse Pointe Woods is one of five Pointes in the Grosse Pointe area adjacent to Detroit. These include Grosse Pointe Shores, as well as Grosse Pointe Park, Grosse Pointe Farms and the city of Grosse Pointe. The City of Grosse Pointe Woods was originally incorporated in 1927 and was known as the Village of Lochmoor. In 1939, the Village of Lochmoor became the Village of Grosse Pointe Woods and on December 11, 1950, was incorporated as the City of Grosse Pointe Woods, a Home Rule City. The city covers an area of 3.28 square miles. Grosse Pointe Woods is served by the Grosse Pointe Public Schools. Public elementary schools include Ferry, Mason, Monteith, and Poupard. Grosse Pointe's public middle school is Parcells, and it also houses Grosse Pointe North High School. University Liggett School's two campuses are both in Grosse Pointe Woods.
Alexander & Polen Merit Woods Pharmacy
Population 1 Mile 3 Mile 5 Mile 2016 Total Population: 14,094 124,031 268,704 2021 Population: 13,838 122,268 268,539 Pop Growth 2016-2021: (1.82%) (1.42%) (0.06%) Average Age: 39.80 38.30 37.80 Households 2016 Total Households: 5,691 46,947 100,667 HH Growth 2016-2021: (1.72%) (1.26%) 0.07% Median Household Inc: $66,997 $52,306 $42,227 Avg Household Size: 2.50 2.60 2.60 2016 Avg HH Vehicles: 2.00 2.00 1.00 Housing Median Home Value: $151,719 $97,347 $78,610 Median Year Built: 1951 1950 1951 Population: 1 Mile 3 Mile 5 Mile 2021 Projection 13,838 122,268 268,539 2016 Estimate 14,094 124,031 268,704 2010 Census 14,636 129,163 270,528 Growth 2016-2021 (1.82%) (1.42%) (0.06%) Growth 2010-2016 (3.70%) (3.97%) (0.67%) 2016 Population Hispanic Origin 273 2,108 4,455 2016 Population by Race: White 9,306 60,412 119,769 Black 4,211 59,337 138,269 Am. Indian & Alaskan 30 289 870 Asian 274 1,641 4,198 Hawaiian & Pacific Island 1 13 31 Other 272 2,339 5,567 U.S. Armed Forces: 5 46 125 Households: 2021 Projection 5,593 46,354 100,737 2016 Estimate 5,691 46,947 100,667 2010 Census 5,894 48,740 101,247 Growth 2016-2021 (1.72%) (1.26%) 0.07% Growth 2010-2016 (3.44%) (3.68%) (0.57%) Owner Occupied 4,509 34,804 69,597 Renter Occupied 1,182 12,143 31,071 2016 Avg Household Income $83,074 $75,291 $61,019 2016 Med Household Income $66,997 $52,306 $42,227 2016 Households by Household Inc: <$25,000 1,063 12,013 32,050 $25,000 - $50,000 1,077 10,656 25,247 $50,000 - $75,000 1,080 7,734 16,644 $75,000 - $100,000 872 5,617 10,486 $100,000 - $125,000 498 3,402 5,811 $125,000 - $150,000 417 2,234 3,437 $150,000 - $200,000 385 2,326 3,271 $200,000+ 299 2,963 3,721
MORE THAN $4 BILLION IN SALES Fortis Net Lease is a national investment real estate brokerage firm specializing in the acquisition and disposition of investment real estate. We help developers, franchisees, private investors and institutional funds accomplish their short and long term investment goals. The principals of Fortis Net Lease have successfully sold hundreds of properties in over three dozen states with a total transaction volume topping $4 billion. Fortis Net Lease specializes in the acquisition and disposition of the following: Net leased single tenant properties (Pharmacies, Auto Parts, Dollar Stores, Banks, QSR, Office/Industrial, Medical, Junior/Big Box, etc.) Portfolios & Corporate Sale-Leaseback Transactions (Burger King, Arby s, Tutor Time, Taco Bell, Wendy s, etc.) Multi-Tenant Retail Centers & Medical Office (Anchored or Unanchored - 5,000-1,000,000 SF) The advisors at Fortis Net Lease create long term relationships with our investors by delivering superior services and unparalleled results. When you hire Fortis Net Lease as your exclusive representative you will experience the individual attention and professionalism that you will not receive at other large brokerage firms. OUR AGENTS DOUG PASSON ROB BENDER BRYAN BENDER DENO BISTOLARIDES BRANDON HANNA RICHARD LUDWIG Managing Director Managing Director Managing Director Senior Director (248) 254.3407 (248) 254.3406 (248) 419.3810 (248) 419.3882 (248) 419.3285 (248) 419.3638 MARVIN DELAURA MIKE CARTER PAT HAMMOND MIKE JAWORSKI DANTE HARGIS MATT WEBER Senior Director Senior Associate Senior Associate OUR TEAM Senior Associate Senior Associate Senior Associate (248) 419.3811 (248) 419.3812 (248) 419.3808 (248) 419.3807 (248) 419.3886 (248) 419.3884 DOUG PASSON ROB BENDER BRYAN BENDER MIKE CARTER MARV DELAURA MIKE JAWORKSI JOSEPH WERNER MIKE GAGGO FRANK ROGERS BEN SCHULTZ KYLE CARSON ABRAHAM LEON Associate Director Senior Associate Senior Associate Senior Associate Senior (248)254.3410 Associate Associate (248) 254.3410 Associate (248) 254.3410 Associate (248) 254.3410 Associate (248) 254.3410 Associate (248) 254.3410 (732) 779.6537 (248) 419.3286 (248) 419.3741 (248) 254.3409 (248) 419.3271 (248) 419.3625 PAT HAMMOND FRANK ROGERS KYLE CARSON BEN SCHULTZ FORTIS NET LEASE DANNY SAMONA BRENT HANNA BRANDON KASSAB VINCE PIPIA ALEC MANOOGIAN JACK WARDLOW Associate Senior Associate Associate Senior Associate Associate Business Development Associate Business Development Analyst 30445 Northwestern Highway, Suite Analyst 345 (248) 419.3627 (248) 419.3284 (248) 419.3629 (586) 405.9656 (248) 807.3629 (248) 953.3508 (248) 254.3410 (248) 419.3741 (248) 254.3410 (248) 254.3410 Farmington Hills, MI 48334 DAN MILLER ANDREW BENDER TRACEY SENSING SHEREN ZAKARIA AMY JONES FORTIS NET LEASE Analyst Analyst Coordinator Coordinator Office Manager 30445 Northwestern Hwy., Ste. 275 (586) 202.7168 (248) 419. 3657 (248) 419.3888 (248) 419.3805 (248) 419.3631 Farmington Hills, MI 48334 This information is deemed confidential and privileged and may contain inside information. If you are not the intended receiver do not read, copy or distribute this offering memorandum, instead delete or destroy it and contact one of our representatives. This information is believe to be accurate but is not represented or warranted by Fortis Net Lease or any of our agents or contractors.