Anchored by Top-Performing Kroger Store with Outstanding Sales
Kroger Occupies 78.8% of GLA, Driving 63.3% of Gross Income, and Providing 20.5 Years of Remaining Term
In-Place Since 1990 with 35 Years of Tenancy & Recent Extension thru February 2046
“BBB” (S&P) and “Baa1” (Moody’s) Investment-Grade Credit Ratings with Stable Outlook
History of Multiple Renewals & Expansions – Just Expanded from 73,860 SF to Current 88,200 SF Footprint
Virtually Absolute NNN Lease Structure – Maintain/Repair/Replace Own Roof, Structure, HVAC, and Majority of Parking Lot Area; Self-Maintains Ins & CAM on Defined Premises & Parking Lot Area; PRS Reimbursement of LL OpEx
Quintessential Grocery-Anchored Center; Checks All Boxes – Outstanding Sales Performance, Leading Grocer, IG Credit, Long Historical Tenure with Expansions, Tons of Term Remaining, Low Rent, Durable Income Stream, Major MSA, Strong Demographic Alignment
WALT of 17 Years and Weighted Average Tenancy Tenure of 31 Years; 99% of GLA In-Place 10+ Years & 89% of GLA In-Place 18+ Years
History of Multiple Renewals & 3 Prior Expansions – Just Expanded from 73,860 SF to Current 88,200 SF Footprint in Q4 2024/Q1 2025
Future Kroger Store Expansion Plans (Drawings Completed) Offer Potential to Further Increase NOI by $57K
Classic Pets Leases 4,835 SF Next to Kroger thru July 2029 at $15.50/SF NNN with No Options
Kroger Can Expand by up to 15,364 SF to 103,564 SF Total GLA by taking Classic Pets Unit, Plus Approx. 10,500 SF New Construction by Bumping Out Front Wall
At Current $8.59/SF Kroger Rent, 15K SF New Expansion GLA Would Drive $132K in Additional Kroger Base Rent while Losing $75K Base Rent of Classic Pets; Net +$57K to NOI
3 Miles East of I-94 Exit Ramps with 71,053 VPD
Positioned Along 23 Mile Road with 28,500 VPD – Primary & Busiest East-West Arterial in the Area
Serves as Main Access to Highway (I-94) for All Anchor Bay & St. Clair River Communities Extending as Far as 15 Miles East of Subject Property (i.e. Algonac, MI)
Supportive Middle-Income Demographics with 38,050/3-Mi & 69,677/5-Mi Population Counts; $95-103K AHHI in 1/3/5-Mi Radius Rings
New Baltimore – Upscale Community Located in Anchor Bay (North Shore of Lake St. Clair) Approx. 28 Miles Northeast of Downtown Detroit
Popular Summer Destination of Detroit Locals for Lakefront Living, Boating & Beaches
Detroit MSA – Home to a Population of Over 4.4 Million; 2nd Largest MSA in Midwest Region Behind Chicago; #14 Largest MSA in the U.S.
