Firestone

Firestone

2700 E. Grand River Ave.
East Lansing, MI

Price: $2,792,000
Cap: 5.15%
NOI: $143,760
Building Size: 10,000 SF
Lot Size: 2.20 AC

Investment Highlights

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.

Don McMinn
OFFERING MEMORANDUM

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