Jo-Ann Stores, Inc

6175 S Westnedge, Portage, MI
Deal Type:
Net Lease
Price:
$2,229,000
Cap Rate:
8.75%
Current Rent:
$195,000
Lease Type:
DoubleNet
Landlord Responsibilities:
Roof & Structure
Renewal Options:
1, Five-year
Building Sq. Ft.:
20,016 SF
Rent Increases:
10% at the beginning of option
Site Size:
2.30 Acres

Investment Highlights

  • Minimal Landlord Responsibilities: NN lease structure as the landlord is only responsible for roof and structure.
  • Portage Crossing: Located adjacent to Portage Crossing shopping center featuring anchors such as Target, The Home Depot, and Michaels.
  • Southland Mall: Located Across from Southland Mall featuring a robust tenant lineup including: Hobby Lobby, Dick’s Sporting Goods, Aldi, Fresh Thyme Market, TJ Maxx, and Kohl’s.
  • Long Term Tenancy: Jo-Ann’s has occupied the site since 1994.
  • Commitment to the Site: The tenant has exercised an option that extends the lease through 2030 with one additional five-year option remaining.
  • Well Positioned: Situated on S Westnedge Ave which has a traffic count of 27,000 VPD.

Listing Agents

Connor Shell

Managing Director
407 913 9009
[email protected]

Jordan Koeppel

Senior Vice President
561 789 5504
[email protected]

Cooperating Broker: Bang Realty-Michigan, Inc., [email protected], Brian Brockman, License #: 6502428679

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