18950 West Road, Woodhaven, MI | Detroit Metro Area

Bridgestone Retail Operations, LLC
dba Firestone Complete Auto Care
18950 West Road, Woodhaven, MI | Detroit Metro Area
EXCLUSIVE LISTING AGENT:
Joe Caputo
212.686.0079
joe@exp1031.com
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Corporate Lease | Tenant Recently Extended 1st 5-Year Option | 3, 5-Year Options Remain - 12% Rent Increases
Bridgestone Retail Operations, LLC (Lessee) Operates 2,200+ Stores w/ 20,000+ Employees
Lessee is a Subsidiary of Bridgestone Corporation, the World’s Largest Tire Maker, S&P Rated: BBB+
Outparcel to Big Kmart, Along West Rd (Traffic: 31,836 Cars/Day) and Allen Rd (Traffic: 34,217 Cars/Day)
Other Neighboring Retailers: Wal-Mart, Target, Home Depot, Kroger, Sears, Office Depot, Michaels, Petsmart
Ford Plant, Middle School, High School and Elementary School in Immediate Area
Off Interstate-75 (Traffic: 63,600+ Cars/Day)
Average Household Income (1-Mile): $70,993
TABLE OF CONTENTS
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS - DISCLAIMER
PAGE 3:
INVESTMENT OVERVIEW - LEASE OVERVIEW - TENANT OVERVIEW
PAGE 4:
SITE PLAN
PAGES 5-6:
AERIAL PHOTOGRAPHS
PAGE 7:
MARKET OVERVIEW
PAGE 8:
LOCATION MAPS & DEMOGRAPHICS
CONFIDENTIAL MEMORANDUM & DISCLAIMER
EXP Realty Advisors, Inc. (“Agent”) has been engaged as the exclusive agent for the sale of the building located at 18950 West Road in Woodhaven, Michigan, leased to Bridgestone Retail Operations dba
Firestone Complete Auto Care (the “Property”), by the owner of the Property (“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations
or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of
review by prospective purchasers of the interest described herein.
The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on
information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers,
employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to
be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability
whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision
made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein.
Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their
sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is
made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements
on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the
Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations hereunder have
been satisfied or waived.
By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated
in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any
aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the
prior written authorization of Seller and Agent.
TABLE OF CONTENTS - DISCLAIMER | 2
PRICE:
CAP RATE:
BUILDING AREA:
LAND AREA:
OCCUPANCY:
OWNERSHIP:
YEAR BUILT/OCCUPIED:
ADDRESS:
$1,574,000
9%
6,600+/- Square Feet
1.452+/- Acres
100% | Single Tenant
Fee Simple Interest
1990
18950 West Road, Woodhaven, MI
LEASE OVERVIEW
Tenant: THE FIRESTONE TIRE & RUBBER COMPANY – now Bridgestone Retail Operations, LLC
Leasable Area: An approximately 6,600 SF building on approximately 63,249 SF of land
Initial Lease Term: Twenty (20) years - COMPLETE
Initial Term Expiration: July 2010
Options to Renew: Four (5) year options to renew – Tenant exercised 1st 5-year option
Option 1 Renewal: August 2010
Option 1 Expiration: August 2015
Lease Type: NN| Landlord Responsible for Roof & Structure
Rent Increases: 12% every five (5) years
Current (Option 1):
$141,597.86 / Year
Year 26-30 Annual Rent (Option 2):
$158,589.60 / Year
Year 31-35 Annual Rent (Option 3):
$177,620.35 / Year
Year 36-40 Annual Rent (Option 4):
$198,934.79 / Year
BRIDGESTONE RETAIL OPERATIONS, LLC (“BSRO”)
World’s Largest Chain of Company Owned Auto Care Centers
2,200 Firestone Auto Care, Wheel Works, Tires Plus, Expert Tire - Operate Under BSRO
HQ in Bloomington, IL | Employees Nearly 22,000 People
Subsidiary of Bridgestone Corporation - S&P Rating: BBB+
Automotive service is the largest part of Bridgestone Retail Operations, LLC's business,
accounting for approximately 50 percent of sales with tire and financial services making up the
rest. Bridgestone Firestone North American Tire manufactures Bridgestone, Firestone, and
Dayton truck tires along with tires for virtually every wheeled vehicle made.
Harvey S. Firestone (1868-1938) founded The Firestone Tire & Rubber Company in Akron, Ohio,
in August 1900, and started marketing solid rubber tires for carriage wheels. Firestone joined the
retail store arena offering basic car service and tire sales in the mid-1920s when the original
Firestone Service Centers were opened. The 1940s saw the emergence of the Firestone Home &
Auto Store - a store concept of a one-stop retailer offering everything from automotive services
and tires to large household appliances, televisions, toys, bicycles, lawnmowers and even
outboard motors with the Firestone name brand affixed. The evolution of the retail stores
continued with the complete Tire & Service Center opening in the 1960s offering expanded
diagnostic under-car and under-hood service.
In the late 1970s the company, in an effort to re-focus its business solely on automotive service
and tire sales, began to phase out the sale of all non-auto related merchandise. Shortly
thereafter, in 1981, the Firestone MasterCare Car Service concept was introduced and
established as a premier brand of quality service being delivered to customers in a consistent
and distinctive manner. Bridgestone Corporation, founded in 1931 in Kurume, Japan, purchased
Firestone in 1988, transforming the company into the world's largest manufacturer of tires and
other rubber products. Bridgestone and Firestone operations in the Americas were consolidated
in 1990 as Bridgestone/Firestone, Inc.
Bridgestone/Firestone, Inc. initiated a series of changes to its corporate structure in December
2001, reorganizing its operations in the Americas under a holding company, Bridgestone
Americas Holding, Inc., and several operating subsidiaries. The largest of these operating
subsidiary companies is Bridgestone Retail Operations, LLC. In 2001 Bridgestone/Firestone also
announced its majority ownership stake in Morgan Tire & Auto, Inc. (MTA), then the nation's
second largest independent retailer of tires. Responsibility for MTA was shifted to Bridgestone
Retail Operations, LLC following the reorganization of Bridgestone/Firestone. Today, Bridgestone
Retail Operations, LLC and its subsidiaries employ approximately 22,000 teammates in North
America. Bridgestone Retail Operations, LLC consists of more than 2,200 company-owned
consumer and commercial stores in the United States as well as the company's own credit card
operations. The store channels include Firestone Complete Auto Care, Morgan Tire / Tires Plus,
Expert Tire, Commercial & Farm, and Mark Morris.
Today Bridgestone Retail Operations, LLC operates the largest number of company-owned fullline automotive retail generalist stores in the world. The above information is from
www.bsro.com
INVESTMENT OVERVIEW - LEASE OVERVIEW - TENANT OVERVIEW | 3
SITE PLAN | 4
Henry Ford
Medical Center
AERIAL PHOTOGRAPH | 5
Ford Woodhaven
Stamping Plant
Henry Ford
Medical Center
Trenton
High School
Ford Woodhaven
Stamping Plant
ADT: 63,600 Cars
Boyd Arthurs
Middle School
Richard C. Hedke
Elementary School
AERIAL PHOTOGRAPH | 6
IMMEDIATE TRADE AREA
The subject property is located within Woodhaven, Michigan approximately 16 miles
southwest of downtown Detroit at the intersection of West Road (Traffic: 31,836 cars / day)
and Allen Road (Traffic: 34,217 cars / day). The site is an outparcel to Big K-Mart and is
located directly across from a Target, Sears, and Kroger anchored shopping center. The
property is 1 mile east of the on/off ramps of Interstate-75 (Traffic: 63,600 cars / day) and is
also near the Ford Woodhaven Stamping Plant. Neighboring anchor tenants include Lowe’s,
Wal-Mart Supercenter, Kohl’s, Home Depot, and Meijer. Other retailers located within the
trade area include Michael’s, Petsmart, and Office Depot.
WOODHAVEN, MICHIGAN
Woodhaven, Michigan is town located in Southern Michigan, southwest of downtown
Detroit. Woodhaven is part of a collection of 18 Michigan communities known as
“Downriver” for their location along the shore of the Detroit River. The town is also home
to the 2.7 million-square-foot Ford Woodhaven Stamping Plant which employs over 2,400
people. As of the 2000 Census, 12,530 people and 4,708 households were counted within
the city limits of 6.5 square miles. The median income for a household was $64,954 and the
median income for a family was $75,813.
DETROIT, MICHIGAN
Detroit is the largest city in Michigan and is the seat of Wayne County. It is a major port city
on the Detroit River and ranked as the eleventh most populous U.S. city in 2009 with
910,920 residents. The city is north of Windsor, Ontario, making Detroit the only major city
along the U.S.–Canadian border where one travels south in order to cross into Canada. The
name Detroit sometimes refers to the Metro Detroit area, a sprawling region with a
population of 4,403,437 for the MSA, making it the nation's eleventh-largest.
Downtown Detroit
Comerica Park
Detroit is home to the Big Three automobile companies: General Motors, Ford, and Chrysler.
Some Fortune 500 companies headquartered in Detroit include General Motors, American
Axle & Manufacturing, and DTE Energy. Other major industries include advertising, law,
finance, chemicals, and computer software. Also, casino gaming plays an important
economic role, with Detroit being the largest city in the U.S. to offer casino resorts. In the
1990s, the city’s economy was bolstered by the opening of three casinos: MGM Grand
Detroit, MotorCity Casino, and Greektown Casino.
There are three active major sports venues within Detroit: Comerica Park (MLB Tigers), Ford
Field (NFL Lions), and Joe Louis Arena (NHL Red Wings). New downtown stadiums were
constructed for the Tigers and Lions in 2000 and 2002, respectively. The city hosted the
2005 MLB All-Star Game, 2006 Super Bowl XL, 2006 World Series, WrestleMania 23 in 2007
and the NCAA Final Four in 2009. The Tigers have won ten American League pennants and
four World Series titles, the Red Wings have won 11 Stanley Cups, and the Pistons have won
three NBA titles, giving Detroit the nickname "Sports City USA."
Detroit is home to several universities, including Wayne State University, a national research
university with medical and law schools in the Midtown area. Other institutions in the city
include the University of Detroit Mercy, Lewis College of Business, Marygrove College and
Wayne County Community College.
With its proximity to Canada, Detroit is an important U.S. transportation hub. The city has
three international border crossings linking Detroit to Windsor, ON. The Ambassador Bridge
is the single busiest border crossing in North America, carrying 27% of the total trade
between the U.S. and Canada. Detroit Metropolitan Wayne County Airport (DTW), the
area's principal airport, is a primary hub for Delta Air Lines.
MARKET OVERVIEW | 7
2010 DEMOGRAPHIC SNAPSHOT
1 Mile
3 Miles
5 Miles
Population
Total Population
Category
7,012
59,207
137,929
Male Population
50.0%
48.5%
48.8%
Female Population
50.0%
51.5%
51.2%
43.4
40.6
40.4
2,225.8
2,088.3
1,751.3
5,510
24,301
53,621
Median Age
Population Density (per sq. mi.)
Employees
Establishments
280
1,759
4,040
Income
Median HH Income
$61,677
$60,629
$57,427
Per Capita Income
$27,512
$27,507
$26,597
Average HH Income
$70,993
$71,205
$68,561
2,658
22,450
52,858
2.6
2.6
2.6
Household Growth 2000 - 2010
-5.9%
2.9%
2.2%
Housing
Owner Occupied Housing Units
76.7%
64.3%
65.4%
Renter Occupied Housing Units
11.1%
21.7%
20.6%
Vacant Housing Units
12.2%
14.0%
14.0%
Households
Total Households
Average Household Size
LOCATION MAPS – DEMOGRAPHICS | 8