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Updated: 05.07.24 Posted: 05.08.23 Status: Sold

Summary

Price $4,441,257
Built/Renov 1995
Tenant FedEx
Cap Rate 7.00%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 43,641
Lease Start 12-01-1995
#Units 1,950
Price/SF $101.77
Expiration 12-31-2027
Tenant Type Industrial
NOI $310,888
R. Term 2.7
Ownership Fee Simple
Rent/SF $7.12
Increases 2.5%/1/yrs
Pop 5Mi 186,133
Lot/AC 5.00
Options 2/5yrs/2.5%
AHHI 5Mi $132,935

Lease Highlights

  • FedEx has been operating in this location since 1995
  • Tenant has over 4 years remaining on the current lease term with 2 (5-year) options to extend
  • Lease features 2.5% annual rental increases
  • Favorable NN+ lease with landlord responsibilities limited to roof and structure
  • Corporate guarantee by Federal Express Corporation (NYSE: FDX)

Location Description

This 43,641 square foot FedEx is situated at the hard corner, intersection of West 11 Mile Road and Meadowbrook Road with access to over 12,600 vehicles per day. The site is within close proximity to a major interchange with I-96 (165,000 VPD), I-275 (185,694 VPD), I-696 (149,000 VPD), and M-5 (75,602 VPD). The property is a component of the Central I-96 Industrial Submarket—one of the most...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: FedEx
  • Guarantor:Corp T and Rated
  • Company:Federal Express Corporation
  • # Units:1,950
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: FDX

About Tenant

FedEx Express is the world’s largest express transportation company and one of the world’s largest airlines in terms of fleet size and freight tons flown, operating more than 650 aircrafts. It is...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 5,597 71,096 186,984
2023 Total Population : 5,633 70,999 186,793
2023 Employed Civilian Pop : 2,946 38,443 100,129
2023 Total Businesses : 641 3,474 8,256
2023 Average Household Income : $ 102,218 $ 136,083 $ 134,732
2023 Total Consumer Spending : $ 209 M $ 3468 M $ 9208 M
2023 Median Age : 42 40 42
2023 Total Households : 2,411 30,018 80,256
2023 Pop Age 25+: Bachelor's Degree : 1,167 18,365 45,209
2023 Average Home Value : $ 238,652 $ 371,734 $ 386,455
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
BTW NB M-5 CD RMP AND I-696 I- 96 2021 111,350 0.20 mi
W OF MEADOWBROOK RD Lee Begole Dr 2021 4,342 0.22 mi
I- 96 I- 696 2017 114,575 0.23 mi
I 696 State Hwy 5 2021 68,171 0.30 mi
TO NB M-5 CD Seeley Rd 2021 6,195 0.33 mi
TO WB I-96 I- 696 2021 8,249 0.33 mi
Meadowbrook Rd Tera Ln 2015 10,596 0.34 mi
Grand River Ave Grandview Ln 2015 19,029 0.41 mi
M 5 I- 696 2021 74,652 0.41 mi
Walter P Reuther Freeway State Hwy 5 2019 105,524 0.42 mi

Listing Broker

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