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12610 Felch St

Holland, MI 49424

$9,272,727

Freestanding For Sale  •  44,122 Sq Ft

Property Details

  • Property Type Freestanding
  • Total Building Size 44,122 Sq Ft
  • Lot Size 3 ac
  • Building Class B
  • Year Built 1993
  • Cap Rate 7.15 %
  • Tenancy Single
0 Transit Score
50 Walk Score

Description

SURROUNDING RETAIL & POINTS OF INTEREST
This Art Van Furniture property is strategically located in a dense retail corridor. In the immediate area, major tenants include Target, Meijer, McDonald’s, Lowe’s, Walgreens, Walmart, and Sam’s Club, among many others. Holland Hospital is approximately three miles from the subject property and has a total bed count of 189 beds. The subject property is also located within a dense academic corridor. Holland Christian School, Holland High School, Black River Public School, and Harbor Lights Middle School are all located within five miles of the property and have a combined enrollment exceeding 3,800 students. The subject property is also surrounded by major arenas including Deltaplex Arena and Van Andel Arena. Both arenas are located within five miles and have a combined capacity of 17,034 seats.

TRAFFIC COUNTS & DEMOGRAPHICS
There are approximately 54,539 individuals residing within a three-mile radius of the property and 96,984 individuals within a five-mile radius. The subject property is located on Felch Street, which experiences an average daily traffic count of 13,338 vehicles. Felch Street intersects with US-31, which brings in an additional 37,370 vehicles daily.

MARKET OVERVIEW
Holland, located about five miles from the eastern shore of Lake Michigan, is the largest city in Ottawa County. Major industries in Holland include Battery production, auto part and furniture manufacturing, and food processing, led by firms such as LG Chem, Johnson Controls, Adient, Magna, Yanfeng Automotive Interiors, Haworth, and Herman Miller, and Kraft Heinz. Holland is home to Hope College, which has over 3,200 students enrolled. Davenport University and Grand Valley State University also operate satellite campuses in the city. Holland’s annual Tulip Time Festival, which is held each May, attracted more than 180,000 attendees in 2015. Other tourist attractions include the Holland Museum, Holland Harbor Light, Tulip Gardens, Dutch Village and the city owned Windmill Island Gardens. In 2013, Farmer’s Insurance named the Holland Area the most secure mid-sized city in the United States.

Highlights

Long-Term, 20-Year Absolute Triple Net (NNN) Lease With 18 Years Remaining on the Base Term | Zero Landlord Responsibilities
Attractive Rental Increases | Lesser of 2.0% or 1.25x the Change in CPI Increases Annually
Four (4), Five (5)-Year Tenant Renewal Options
Art Van Furniture has been Successfully Operating for Nearly 60 Years | 184 Stores in Nine States | Revenue of $1.3 Billion | Over 5,700 Employees
Conveniently Located | Subject Property is Located 28 Miles from Grand Rapids, Michigan
Surrounding Retailers Include: Walgreens, Walmart, Lowe’s, Target, and Hobby Lobby, Among Others
Cap Rate: 7.15 %

Major Tenants

Tenant SF Occupied Lease End Date
Art Van Furniture 44,122 SF 2/28/2037

Public Transportation

AirportDriveWalkDistance
Gerald R. Ford International Airport 43 min - 35.6 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
Glen Kunofsky 212-430-5100 Marcus & Millichap Inc
Glen Kunofsky 212-430-5100 Marcus & Millichap Inc