Multi-Tenant Retail Strip | Five Guys, Chipotle, Mattress Firm
5200 Franklin Street, Michigan City, IN, USA Map
100% Occupied by National Tenants, NNN Leases with 10% Rental Increases, 1.5-Acre Outparcel to Lowe’s with High Visibility and Strong Traffic Counts
Listing Price $3,073,750
| Status | Closed |
| Lease Type | NNN |
| Property Type | Retail |
| GLA (Sq. Ft.) | 8,560 |
| NOI | $234,937 |
| Lease Term Remaining | 5 Years |
| Increases | 10% at the Start of Each Five-Year Option |
| Options | Vary by Tenant |
| State (BOR) | Indiana |
| Broker of Record | Josh Caruana |
| License # (BOR) | RB14034355 |
| Close Date | Jul 5, 2021 |
Investment Highlights
- High Visibility Location 100% Occupied by Three National Tenants, Five Guys (26%) Chipotle (28%) and Mattress Firm (47%)
- Essential Retailers are Operating and Paying Rent
- 10-Year NNN Leases with Five Years Remaining and Varying Rental Increase and Option Schedules
- 1.50-Acre Outparcel Lot to Lowe’s with 84 Total Parking Spaces and Multiple Ingress/Egress
- Strong Combined Traffic Counts of 36,000 Vehicles per Day
- One Mile off of Busy Highway Interstate I-94 with Over 54,000 Vehicles Per Day
- Outparcel to a Trio of Busy Essential Retailers: Lowe’s, Meijer, Menard’s
- Strong Retail Corridor within Close Proximity to Walmart, Kohl’s, PetSmart, Starbucks, Burger King, ALDI, Chase Bank, IHOP, McDonald’s, Taco Bell, Wendy’s, Speedway, Panera Bread, Family Express, Among Many Others
- New State-of-the-Art Franciscan Health Michigan City within Proximity with 123 Private, Inpatient Beds and An Array of Outpatient Services
- 2020 Population of 43,619 People Estimated within Five Miles, with an Average Household Income of $62,477
Investment Overview
Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% fee simple interest in a prime retail strip tenanted by Chipotle, Five Guys, and Mattress Firm. The property is located at 5222 Franklin Street, Michigan City, IN (the “Property”). Built in 2015, the Property comprises a +/- 8,574 SF building on a high visibility, very busy +/- 1.50 -acre parcel, that is strategically positioned to be visible and convenient to a combined 36,000 vehicles per day along primary retail corridor Franklin Street, situated between US Highway 20 (24,000 vehicles daily) and Interstate 94, with over 54,700 vehicles daily. The Property is a prime outparcel to a busy trio of essential Midwest US retailers: Lowe’s, Meijer, and Menards. The Walmart Supercenter is less than a quarter mile to the south of the subject, the asset is at the epicenter of the retail corridor, benefits from high visibility, easy accessibility being located just-off-the-light, an oversized-parking 1.50-acre total lot size with strong intrinsic re-development, and re-positioning value. The area is surrounded by about 44,000 people with an Average Household Income of $62,500 and 17,000 households within 5 miles. New state-of-the-art Franciscan Health Michigan City facility to the South of the subject, just off Interstate 94, houses 123 private, inpatient beds, an array of outpatient services with innovative diagnostics, and other life-saving innovations and patient amenities. Michigan City is located on the southern shores of Lake Michigan, only 55 miles east of Chicago and within 10 miles to the southwest of Michigan’s state line. The building is 100 percent occupied by Chipotle in 28%, Mattress Firm in 47%, and Five Guys utilizing 26%. The original leases were all signed in 2015 and expire in 2025, subject to 10-year NNN leases with varying rental increase and option schedules.
