Beacon Square: Starbucks & Advance Auto Parts Strip Centers

Grand Haven | Michigan

Beacon Square: Starbucks & Advance Auto Parts Strip Centers

448 N Beacon Blvd, Grand Haven, MI 49417

Offering Summary

  • Status: price reduced
  • Price: $9,600,000
  • CAP Rate: 7.00%
  • GLA: 27,866 SF
  • Net Operating Income: $671,837
  • Price/SF: $345
  • Year(s) Built: 2005
  • Major Tenants: Advance Auto Parts, Starbucks, Jersey Mike’s Subs, Tropical Smoothie Café, Great Clips, Wild Bill’s Tobacco
  • 100% Occupied, 27,866 SF Portfolio of Two Neighboring Core Retail Strips in Grand Haven, MI (Lake Michigan Resort Town)
  • Irreplaceable 72,000 VPD “Main & Main” Location with 13 Lanes of Traffic
  • Anchored by Advance Auto Parts (25% of GLA) on NNN Lease into 2037
  • A+ Positioning with High Barriers to Entry: $23.85/SF NNN Replaceable Rents ($35+/ SF NNN for New Construction)
  • Starbucks Occupies End-cap with Drive-Thru; Only SBUX in Grand Haven, Next Nearest SBUX is 7 Miles North
  • Strong NOI Growth Over Hold Period: 2.2% NOI CAGR Over 10-Year Model
  • Verizon (11% of GLA) – Largest Franchisee (TCC – 700+ Stores); NNN Lease into 2028
  • 100% NNN Lease Structure with 103% Reimbursement of LL Tax, CAM, Ins & Mgmt Expense
  • 8 of 12 Tenants (69% of GLA) are National Retailers & Restaurants Including Jersey Mike’s Subs, Tropical Smoothie Café, Great Clips, H&R Block & Wild Bill’s Tobacco
  • Durable Daily Needs Tenancy: Casual Dining, Quick Service Restaurants, Hair & Nail Salons, Cell Phone Store, Auto Parts, Financial Services, etc.
  • Outparcel to Home Depot, Staples & West Marine Shopping Center, Straddling Home Depot’s Main Entrance Drive
  • Offered Free & Clear of Debt Allowing Prospective Purchaser to Secure New Financing According to Investment Strategy
  • Unmatched Visibility – 850 Feet of Frontage with Shallow Setback with Unobstructed Sightlines to Traffic
  • Grand Haven Harbor Sees an Estimated 2+ Million Visitors Annually; Renowned Resort Town Location Voted #2 Best Freshwater Beach in America (USA Today)
  • High Income Trade Area: AHHI of $86-90K in 1/3/5; Tourists with High Disposable Income
  • Easy-to-Lease Small Shop Units; Inline Orientation with Four Endcaps
  • Grand Haven, MI – 43,400/5-Mile Population, 30 Mins West of Grand Rapids & 15 Mins South of Muskegon

Scott Wiles

Senior Managing Director