Listed by CBRE, CBRE - Detroit, CBRE - Downtown Los Angeles
$4,200,000
Pet Supplies Plus Headquarters
Details
Property Type Office
Sub Type Executive Office
Square Footage 39,673
Cap Rate 7.79%
Occupancy 100%
Tenancy Single
Brand/Tenant Pet Supplies Plus
Lease Type Modified
Lease Expiration 01/31/2035
Remaining Term 8.6
Rent Bumps Yes
Lease Options One (1) Option Period of Five (5) Years
Price per SqFt $106
Broker Co-Op Yes
Class A
Stories 2
Investment Type Stabilized
Ground Lease Yes
Ownership Leasehold
Single Tenant Corporate Headquarters Investment
Marketing description
This attractive property is situated centrally within the prestigious Haggerty Rd. corridor along the Livonia/Northville border in Wayne County, MI. Pet Supplies “Plus” signed a ten year and ten-month lease to solely occupy this two-story building starting in 2024. The lease is structured as “Gross +” where the tenant reimburses the landlord for real estate taxes, utilities, and operating expenses over the base year. The underlying parcel is a condominium unit of the College Park mixed-use development. The land is owned by the adjacent Schoolcraft College which retained a fee simple interest in the entirety of College Park. The investor will benefit from a long lease term, annual rent growth, and a premier facility which serves as the headquarters for the largest pet supply franchisor in the country. Founded in Redford, Michigan in 1988, Pet Supplies “Plus” has over 700 franchisee operated stores in 36 states. Pet Supplies “Plus” is privately held and has been owned by the Franchise Group since 2021. This building serves as the administrative center for all of the franchisor’s operations. The College Park development is positioned within one of the most exclusive and desirable trade areas in southeastern Michigan. Beyond office tenancy, the two mile stretch of Haggerty Rd, between Six Mile Rd., and Eight Mile Rd. features multiple national grocers, high-end restaurants, hotels, medical offices and care facilities, as well as Schoolcraft College. This area has benefitted from continued new construction and market
leading rental rates. The compact nature of the Haggerty corridor, an affluent population, and convenient freeway accessibility create this unique confluence of tenants which attracts people from the surrounding region.
Investment highlights
-Corporate headquarters of Pet Supplies “Plus”
-Gross + lease structure where tenant is responsible for expense increases over the base year
-Prestigious location with diverse amenities
-Leasehold interest
-Annual rent escalations
-Attractive IRR
Listing Contacts
Listed by CBRE, CBRE - Detroit, CBRE - Downtown Los Angeles
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Zoning
C-1 CommercialRetail CommercialLocal Business
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