NEW 15-YEAR CORPORATE NNN LEASE WITH INCREASES • The subject property has a new 15-year lease guaranteed by Bridgestone Retail Operations, LLC (Corporate). • The lease is absolute NNN and the tenant is responsible for all taxes, insurance, CAM, roof and structure. • There are attractive 5% rental increases every 5 years during the initial lease and each of the four, 5-year option periods.
"A" RATED INVESTMENT GRADE TENANT • The lease is guaranteed by Bridgestone, parent company of Firestone, which is the world's largest manufacturer of tire and rubber products. • Bridgestone/Firestone has an investment grade credit rating of "A" by S&P, giving it the highest credit rating in the auto-service sector. • Founded in 1900, Firestone is a wholly-owned subsidiary of the Bridgestone Retail Operations, LLC, which has four retail brands and over 2,200 locations nationwide. • In 2018, Bridgestone (NYSE: BRDCY) had revenue in excess of $33.1 billion and ranked #365 on the Fortune 500 list.
NEWLY REMODELED BUILDING • This Firestone will occupy a newly remodeled 10,000 square foot auto care building with 12 service bays. • Work is expected to be complete by mid-August 2019 and will include asphalt replacement, resurface and re-painting of parking lot, complete roof removal and replacement, and more.
MICHIGAN STATE UNIVERSITY • Firestone sits approximately 1 mile from the Michigan State University campus. • Michigan State University is the largest college in the state of MI and 9th largest in the U.S. with over 54,000 students. • Michigan State is part of the Big Ten Conference and holds 8 combined national championships in football and basketball.
PRIMARY RETAIL CORRIDOR • The subject property is well-located on E. Grand River Ave. (State Hwy 43), which has 26,689 VPD and is the primary retail artery in East Lansing. • Firestone sits adjacent to the only Whole Foods in East Lansing and just west of the Meridian Mall (968,228 SF). • There is over 4M SF of retail within a 2-mile radius of this property, which includes Walmart, Target, Kroger, Kohl's, Best Buy, Target and more.
EAST LANSING • East Lansing is directly east of Lansing, the Capital of Michigan. • The 5-mile population is 141,012 and the average household income is $76,588. The daytime population is 214,923. • It is best known as the home of Michigan State University, which has over 54,000 students.