Here’s one you don’t see every day. Michaels, the arts and crafts store, with a new experience-based retail concept, and integrated e-commerce (order online in-store pickup). Brand new build to suit construction with a 10-year corporate guaranteed absolute net lease.
This is a private deal, so you will need to get in touch to review the offering. For more information please contact Michael Salafia, email@example.com, 786-522-7134.
Michaels opened for business in April of 2021, commencing a new absolute net lease with ten years term and five 5-year renewal options. The lease offers attractive rent increases of 8% every 5-years, providing the landlord with a hedge against inflation. Cross-traffic from The shopping center attractive tenant mix brings in foot traffic from approximately 88,800 visitors per month. National tenants in the shopping center include Sprouts Farmers Market, Conn’s HomePlus, Petsmart, Bealls Outlet, Guitar Center, Popeyes, Freddy’s Frozen Custard, Massage Envy, Pinkberry, and more. In addition, the immediate trade area is home to top national retailers, including Costco, Target, Home Depot, Lowe’s, Chick-fil-A, Starbucks, Top Golf, and many others. Metadata research shows that approximately 4% of customers from Costco and Target go to the Michaels shopping center as their next stop. The submarket offers access to a dense population of 471,063 within a 20-minute drive, with consumer spending of $1.7 billion within a 5-mile radius. Entertainment, Hobbies, and Pets account for over $267million in consumer spending within a 5-mile radius. The typical consumer persona visiting the immediate trade area is white ethnicity, with an average income of $75,000 to $90,000. An International Airport is less than a 30-minute drive from the subject property.
The Michaels Companies, Inc. is the largest arts and crafts specialty retailer in North America (based on store count), providing materials, project ideas, and education for creative activities. Headquartered in Irving, Texas, the company operates more than 1,250 Michaels stores in 49 states and Canada. Additionally, they serve customers through various digital platforms, including Michaels.com, consumercrafts.com, and aaronbrothers.com, own Artistree, a manufacturer of high-quality custom and specialty framing merchandise. In recent news, The Michaels Companies, Inc. issued investment-grade bonds at an S&P B+ Credit Rating.
For more information please contact Michael Salafia, firstname.lastname@example.org, 786-522-7134.