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NEC of Crittenden Ct & M-32
20,192 SF Retail Building Alpena, MI 49707 £1,553,163 (£77/SF) 4.75% Net Initial Yield
Investment Highlights
- Asking price of $1,985,000 (4.75% capitalization rate
- New construction and the latest Aldi prototype
- Lease Guaranteed by Aldi, Inc. (Michigan)
- Brand-new 20 year groundlease
- Planned opening in February of 2024
- Rent increases by $5,000 annually in year 11 of the initial lease term.
Executive Summary
David Hesano, of the CBRE Net Lease Property Group, is pleased to
exclusively market this long-term Aldi investment property. Located in
Alpena, MI, and with a planned opening in February of 2024, this is a
new-construction, freestanding Aldi of the latest design. The tenant
has signed a twenty (20) year absolute-net groundlease with a rent
escalation in year eleven (11).
This is an absolute net groundlease whereas the Landlord does not have
any replacement, maintenance, or repair responsibilities.
Positioned to serve Alpena and the surrounding region of the
northeastern portion of Michigan’s lower peninsula, this new
development is situated on the “Main St.” of the retail area. Other
tenants in the immediate area include Meijer, Walmart, Home Depot,
Walgreens, and a recently opened Marshall’s.
exclusively market this long-term Aldi investment property. Located in
Alpena, MI, and with a planned opening in February of 2024, this is a
new-construction, freestanding Aldi of the latest design. The tenant
has signed a twenty (20) year absolute-net groundlease with a rent
escalation in year eleven (11).
This is an absolute net groundlease whereas the Landlord does not have
any replacement, maintenance, or repair responsibilities.
Positioned to serve Alpena and the surrounding region of the
northeastern portion of Michigan’s lower peninsula, this new
development is situated on the “Main St.” of the retail area. Other
tenants in the immediate area include Meijer, Walmart, Home Depot,
Walgreens, and a recently opened Marshall’s.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Retail
Building Size
20,192 SF
Building Class
B
Construction Status
Proposed
Price
£1,553,163
Price Per SF
£77
Net Initial Yield
4.75%
NOI
£73,775
Tenancy
Single
Number of Floors
1
Building FAR
0.20
Lot Size
2.28 AC
Zoning
C - Commercial
Parking
95 Spaces (4.7 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
Nearby Major Retailers
1 of 2
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NEC of Crittenden Ct & M-32
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