Harper Woods is a city along the Eastern portion of Michigan that covers approximately 2.61 square miles. It is home to 14,236 people and it is conveniently located between up and coming Detroit, MI and affluent Grosse Point, MI. The area consists of a younger population with a median age resting at 38 years old and an estimated average household income of $65,601 – an ideal target audience for Family Dollar’s footprint, one that offers essentials for everyday low prices. Harper Woods residents enjoy easy access to Interstate 94, which is the connector between Harper Woods and Detroit – a CBD that is just 12 miles away.
JLL is pleased to exclusively offer the opportunity to acquire a two-tenant retail property leased to Family Dollar and Jimmy Jazz (the “Property”) in the Detroit, MI MSA. Family Dollar has been at this location since 2009 and in March of 2019, they extended their lease 10 years, demonstrating a commitment to the location. Jimmy Jazz just executed a brand new 10-year lease. Rent will commence in May 2020 and their lease will feature attractive, 2.00% annual rental increases. Both tenants have two (2), five (5) year options that remain. The Property benefits from surrounding retailers such as Lowe’s, The Home Depot and McDonald’s. Additionally, mall traffic in and around the area contributes to the 24,450 vehicles that pass the Premises daily.