Description

Property Address: 3100 Fairlane Drive, Allen Park, MI 48101

Property Size: 270,187 SF

Occupancy: 95%

Year Built: 2004

Tenant Suites: 36

WALT: 5.8 Years

Year 1 NOI: +/- $5,050,000

5-Year CAGR: +/- 3.00%

...

Caractéristiques de l'actif

Surface de l'actif Net

25 101 m²

Occupation

95 %

Année de construction

2004

WALT

5.8 années

Market Dominant Shopping Center with Exceptional Tenant Performance
#1 Most Trafficked Open-Air Shopping Center in 15-Mile Radius
Tenant Performance State Rankings:
#1 TJX; #1 Ulta; #3 Burlington; #4 Five Below; #4 Old Navy; #5 Target
Secure Income Stream with Multiple Anchor Drawing Power
Ideal income diversification with 45% of income from Anchor and Jr. Anchor Tenants
Average historical occupancy of 98% over past three years (2023-2025)
No tenant contributes more than 9% of income
Outstanding Leasing Momentum and Tenant Retention
15 Renewals across +130K SF over past 3 years
Old Navy recently recently agreed to 10-year extension at 21% increase
Michaels recently exercised five-year option at 22% increase
Jimmy John's recently extended 10 years at 17% increase
Barnes and Noble recently extended, converting from Gross to NNN
Burlington, Rally House, and Dollar Tree successfully backfilled BB&B, Pier 1, and GAP
Dominant National Tenant Lineup Retention96% of existing tenancy is composed of national tenants
Weighted average lease term of 4.8 years
Best in Class Shadow Anchors
Shadow anchored by #5 most trafficked Target (Fortune #41) in all of Michigan (1.5M visitors)
Fairlane Green Phase II drives 5.7M synergistic consumers to the asset annually