PetSuites of Detroit
45237 Grand River Ave, Novi, Michigan, USA Map
New Construction Corp Guaranty by NVA, JAB Holdings Subsidiary - Recession & E-Commerce Resistant Tenant - High Income Area
Listing Price $4,294,400
| Status | Closed |
| Lease Type | Absolute Net |
| GLA (Sq. Ft.) | 10,980 |
| NOI | $268,400 |
| Lease Term Remaining | 20.2 Years |
| Increases | CPI Increases Every 5 Years |
| Options | Five, 5-Year Options |
| State (BOR) | MI |
| Broker of Record | Steve Chaben |
| License # (BOR) | Lic.#6502387903 |
| Close Date | Apr 16, 2021 |
Investment Highlights
- Subject is Currently Under Construction, Proposed to be 10,980-Square-Feet of Gross Leasable Area on a 2.48-Acre Lot, with Rent Commencement Projected December 2020
- Tenant PetSuites of America is Owned by National Veterinary Associates, Inc., NVA Was Purchased in 2019 by JAB Holding Co. | JAB Holding Has a Credit Rating of A- by S&P
- Absolute NNN Lease with 20 Years Base Term and CPI Increases | Zero Landlord Responsiblity
Investment Overview
Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in new, build-to-suit, PetSuites absolute net lease investment located at 47025 Grand River Avenue, Novi, Michigan 48374 (the “Property”). Built in 2020, and expected to deliver by December, the Property comprises a +/- 10,980 SF building on a highly visible +/- 2.48-acre parcel, that is strategically positioned to be easy to access for 45,300 vehicles per day at the intersection of Beck Road and Grand River Avenue, surrounded by residential and commercial development.
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