McALISTER’S DELI,
Owosso, MI Investment Summary
| Price | $2,792,000 |
| Cap Rate | 5.50% |
| NOI | $153,541 |
| Lease Term | 20 years |
| Lease Type | Absolute NNN Lease With Tenant Responsible For Taxes, Insurance, And All Maintenance, Including Roof And Structure |
| Rental Increases | 1.75% Annual Rental Increases |
| Year Built | 2021 |
| Building Size | 7,187 SF |
| Lot Size | 1.94 Acres (52,000 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
20-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY
» Guaranteed by Focus Brands, Inc., a leading developer of global multi-channel foodservice brands ($3.4 billion in revenue)
» The McAlister’s brand has over 500 restaurants in 28 states and has been awarded numerous industry accolades for its service, atmosphere, and customer satisfaction
» 20-year initial term, plus three (3) five-year options
» No landlord management, ideal for an out-of-area investor
» 1.75 percent annual rental increases, providing a hedge against inflation
HIGH VISIBILITY LOCATION IN GROWING RETAIL CORRIDOR
» High visibility location at the signalized intersection of East Main Street and Airport Trail (23,256 AADT)
» Outparcel to Kroger-anchored Owosso East Plaza shopping mall
» Shadow-anchored by Walmart Supercenter and immediately surrounded by a mix of well-established national tenants including ALDI, Harbor Freight, Walgreens, Rite Aid, Wendy’s, KFC, Bob Evans, and many more
» Beneficial proximity to Michigan Highway 52 (21,400 AADT) and Michigan Highway 71 (9,100 AADT)
» 27,822 residents live within a five-mile radius with an average household income of $59,663
» Projected 11 percent average annual household income increase within five miles of the site in the next five years, poising McAlister’s Deli and Owosso for steady concurrent growth
CENTRAL LOCATION NEAR SCHOOLS AND HOSPITALS
» Minutes from Baker College (2,512 students)
» Adjacent to Owosso Community Airport
» Central location 2.4 miles from Memorial Healthcare Hospital (161-beds)
» Excellent location in a commuter corridor, with proximity to single and multifamily developments
NEW 2021 CONSTRUCTION
» Features latest McAlister’s Deli prototype
» Includes drive-thru pick-up window for take-out orders made online or via phone
» Location includes patio seating for added customer convenience
Property Description
Sold
The subject property is located on the signalized intersection of East Main Street and Airport Trail, with high visibility and access to 23,256 vehicles per day. The location is within a commuter corridor and maintains beneficial proximity to Michigan Highway 52 (21,400 AADT) and Michigan Highway 71 (9,100 AADT). The site is an outparcel to Kroger-anchored Owosso East Plaza shopping mall and shadow-anchored by Walmart Supercenter. Additionally, the site is immediately surrounded by a strong mix of well-established national tenants including ALDI, Harbor Freight, Walgreens, Rite Aid, Wendy’s, KFC, Bob Evans, and many more.
The property benefits from its central location near many single and multi-family developments. The site is adjacent to Owosso Community Airport and minutes from Baker College (2,512 students). The property is 2.4 miles from Memorial Healthcare Hospital, a 161-bed facility with over 200 medical staff and 1,400 employees. A total of 27,822 residents live within a five-mile radius with an average household income of $59,663. The average annual household income is projected to increase 11 percent within five miles of the site by 2026, poising McAlister’s Deli and Owosso for steady concurrent growth.
