premier medical park-livonia, mi-om · premier medicine will be signing a brand new 10 year lease...

CONTACT US

OFFERING MEMORANDUM

30500 Northwestern Hwy, Suite 200Farmington Hills, MI 48334

Phone: (248) 488-2620

landmarkinvestmentsales.com

LOUIS J. CIOTTI

Senior [email protected]

(248) 488-2620

MAXWELL E. LIPPITT

[email protected]

(248) 488-2620

PREMIER MEDICAL PARK SALE-LEASEBACK20290 Middlebelt Rd, Livonia, MI 48152

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Landmark Commercial Real Estate Services, Inc. d/b/a Landmark Investment Sales (“BROKER”) has been retained by the Owner to sell the 100% fee simple title of thisasset. The Broker is the exclusive agent for the sale of this asset. The Broker has prepared the Property Information with information provided by the Owner, fromsources deemed to be reliable. The Potential Purchaser will conduct its own due diligence of The Property, independently and without reliance upon BROKER of theOwner. Information furnished herein, the Offering Memorandum (the “OM”) is intended solely for the Potential Purchaser and its affiliates (“Recipients”) for its reviewof the acquisition of the Premier Medical Park located at 20290 Middlebelt Rd, Livonia, Michigan (“Property”).

All information in the OM (“Confidential Information”) shall be deemed confidential. Confidential Information shall not include any information which is generallyavailable to the public or which becomes available to the Recipients on a non-confidential basis from a source that is or was under no obligation not to disclose suchinformation.

In consideration of Broker and disclosure of the confidential information, the recipient shall not at any time, attempt in any manner to deal directly in any manner orcircumvent Broker.

Unless otherwise agreed in writing or required by law, the Recipients will not use, disclose, or reveal any Confidential Information for any purpose other than inconnection with the proposed transaction to any persons or entities other than those employees, officers, directors, bankers, advisors, representatives, or agents(collectively, “Representatives”) who clearly need such access to perform their employment, fiduciary or contractual duties to the Recipient and to actively and directlyparticipate in the evaluation of the Confidential Information. Additionally, Recipients shall not directly contact anyone directly associated with the Property withoutthe express written consent of the Owner or Broker.

Recipients agree not to contact or initiate contact with the Tenants, at any time, either directly or indirectly. Unless such approval is specifically granted in writtenfrom the Owner or Broker.

This agreement shall be governed by the laws of the Michigan, and in any action brought to enforce the terms hereof, Recipients hereby irrevocably consents tojurisdiction and venue in the Circuit Court for the County of Wayne, State of Michigan, or the United States District Court, whichever the Owner may elect. Theinvalidity or unenforceability of any provision of this agreement as applied to a particular occurrence or circumstance shall not affect the validity of or enforceability ofany of the other provisions of this agreement or the applicability of such provisions as the case may be. This agreement shall inure to the benefit of and may beenforced by the Owner and its successors and assigns and shall be binding on the Recipients, its officers, directors, partners, agents, members, representatives andsuccessors in interest. If any portion of this agreement becomes the subject of litigation or arbitration, the prevailing party in such suit or proceeding shall be entitledto reimbursement for its reasonable costs, expenses and attorney’s fees incurred, including those incurred in connection with any appeals. A copy of this agreementdelivered by facsimile transmission shall be binder on both parties.

Premier Medical Park • Livonia, MI

CONFIDENTIALITY DISCLAIMER

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TABLE OF CONTENTS

MAXWELL E. LIPPITTAssociate

[email protected](248) 488-2620

LOUIS J. CIOTTISenior Director

[email protected](248) 488-2620

Macro Aerial 4

Offering Summary 5-6

Floor Plan 8

Micro Aerial 9

Location Map 10

Largest Employers 11

Demographics 12

Our Team 13


MACRO

4Premier Medical Park • Livonia, MI

SITE

8 Mile Rd (20,600 cpd)


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PRICING

Price: $1,010,230

NOI: $78,798

Cap Rate: 7.80%

Price PSF: $294.87

OFFERING SUMMARY

PROPERTY DETAILS

Address: 20290 Middlebelt Rd, Suite 100Livonia, MI 48152

Building Size: 19,346 SF

Premier Medicine Condo: 3,426 SF

Year Built/Renovated: 1977/2013

Land Acres: 2.73 AC

Construction: Masonry

Lease Term: 10 Years with 3% Annual Increases

Lease Type: NNN

INVESTMENT HIGHLIGHTSLONG TERM NNN SALE-LEASEBACKPremier Medicine will be signing a brand new 10 year lease with minimallandlord responsibilities.

RENT INCREASES3% annual rental increases including two option periods.

SUCCESSFUL LOCATIONSubject property is a condo within Premier Medical Park located a mileaway from Beaumont Hospital Farmington Hills (200 Beds, 2500employees). The population exceeds 250,000 people with a 5 mileradius.

STRONG CREDIT TENANTPremier Medicine has been operating for over 30 years from 3 locationsaround Metro Detroit. Subject lease is fully guaranteed by PremierMedicine P.C.

UPDATED BUILD OUTPremier Medicine is fully equipped with brand new, state of the art x-rayand laboratory equipment to perform a wide array of medical tests andprocedures.


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OFFERING SUMMARYRENT SCHEDULE

DATES ANNUAL RENT MONTHLY RENT

ORIGINAL TERM: 3/1/2019 – 2/28/2020 $78,798.00 $6,566.50 3/1/2020 – 2/28/2021 $81,161.94 $6,763.50 3/1/2021 – 2/28/2022 $83,596.80 $6,966.40 3/1/2022 – 2/28/2023 $86,104.70 $7,175.39 3/1/2023 – 2/29/2024 $88,687.84 $7,390.65 3/1/2024 – 2/28/2025 $91,348.48 $7,612.37 3/1/2025 – 2/28/2026 $94,088.93 $7,840.74 3/1/2026 – 2/28/2027 $96,911.60 $8,075.97 3/1/2027 – 2/29/2028 $99,818.95 $8,318.25 3/1/2028 – 2/28/2029 $102,813.52 $8,567.79

OPTION 1: 3/1/2029 – 2/28/2030 $105,897.92 $8,824.83 3/1/2030 – 2/28/2031 $109,074.86 $9,089.57 3/1/2031 – 2/29/2032 $112,347.11 $9,362.26 3/1/2032 – 2/28/2033 $115,717.52 $9,643.13 3/1/2033 – 2/28/2034 $119,189.05 $9,932.42

OPTION 2: 3/1/2034 – 2/28/2035 $122,764.72 $10,230.39 3/1/2035 – 2/29/2036 $126,447.66 $10,537.30 3/1/2036 – 2/28/2037 $130,241.09 $10,853.42 3/1/2037 – 2/28/2038 $134,148.32 $11,179.03 3/1/2038 – 2/28/2039 $138,172.77 $11,514.40


LEASE ABSTRACTTenant/Guaranty: Premier Medicine, P.C.

Size: 3,426 SF

Term: Ten Years

Commencement Date: 3/1/2019 (estimated)

Expiration Date: 2/28/2029

Options: Two, Five Year Options

Base Rent: $78,798

Rent Increases: 3% Yearly

Insurance: Tenant Responsible

Taxes: Tenant Responsible

CAM: Tenant Responsible for PRS of building’s expenses

Utilities: Tenant Responsible

Association Fees: Tenant Responsible ($1,210/Month)

PREMIER MEDICAL PARK


FLOOR PLAN


MICRO


SITE


LOCATION

10

TRAVERSE CITY

JACKSON

DETROIT

GRANDRAPIDS

FLINT

ANN ARBOR

LANSING

KALAMAZOO

Premier Medical Park20280 Middlebelt Rd, Livonia, MI

SAGINAW

LINCOLN PARK

AUBURN HILLSLIVONIA


WAYNE COUNTY’S TOP EMPLOYERS

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COMPANY # OF EMPLOYEES

Ford Motor Co. 42,105

Beaumont Health System 7,391

Trinity Health Michigan 3,970

Dearborn Public Schools 2,028

Henry Ford Health Systems 1,958

U.S. Government 1,855

AAA Michigan 1,826

Plymouth-Canton Community Schools 1,806

U.S. Steel – Great Lakes Works 1.797

Livonia Public Schools 1,604


DEMOGRAPHICS


DESCRIPTION 1 MILE 3 MILE 5 MILE

POPULATION

2018 Estimated Population 10,250 84,361 225,5792023 Projected Population 9,983 81,880 223,1622010 Census Population 9,990 85,513 226,3872000 Census Population 10,790 90,931 247,194Projected Annual Growth 2018 to 2023 -0.5% -0.6% -0.2%Historical Annual Growth 2000 to 2018 -0.3% -0.4% -0.5%

HOUSEHOLDS 2018 Estimated Households 4,630 36,258 98,452

2023 Projected Households 4,588 35,882 99,3512010 Census Households 4,339 35,284 94,6122000 Census Households 4,538 36,460 99,711Projected Annual Growth 2018 to 2023 -0.2% -0.2% 0.2%Historical Annual Growth 2000 to 2018 0.1% - -0.1%

RACE

2018 Est. White 74.8% 71.1% 57.9%2018 Est. Black 17.1% 21.2% 33.0%2018 Est. Asian or Pacific Islander 4.1% 4.4% 5.9%

2018 Est. American Indian or Alaska Native 0.5% 0.3% 0.3%

2018 Est. Other Races 3.5% 3.0% 3.0%

INCOME 2018 Est. Average Household Income $60,439 $82,274 $82,680

2018 Est. Median Household Income $48,999 $61,511 $63,0842018 Est. Per Capita Income $27,556 $35,490 $36,205

BUSIN

ESS 2018 Est. Total Businesses 585 3,497 11,375

2018 Est. Total Employees 10,131 35,393 145,575

OUR TEAM


MAXWELL E. LIPPITTASSOCIATE | [email protected] Lippitt graduated from Michigan State University in 2016 with a Bachelor of Science degree in Economics. Max was an intern in Landmark’s Investment Salesdepartment during the summer of 2015. Upon graduating, Max became an associate broker at CBRE specializing in the disposition of single tenant medical, retail, andoffice properties. While at CBRE, Max researched, sourced, and tracked thousands of investment properties while building strong relationships with a wide variety ofproperty owners all across the country. At Landmark, he will continue his growth as an Investment Sales Broker providing unique opportunities to buyers and sellerswhile offering exceptional service.

LOUIS J. CIOTTISENIOR DIRECTOR | [email protected] Ciotti is a graduate of Oakland University with a Bachelor of Arts degree in Broadcast Communications and Business. He began his real estate brokerage careerthereafter at Signature Associates, quickly distinguishing himself as a top producer winning multiple awards. Louis specializes in shopping center leasing and investmentsales as well as retail tenant representation accounts. He has developed valuable expertise in the sale of service station portfolios and bank dispositions, understandingthe needs of his institutional clients. Louis has an aggressive, energetic and friendly style that serves his clients and customers well. At Landmark, Louis has continuedexpanding on his territorial expertise and dominance while bolstering his full service approach to retail real estate requirements.

premier medical park-livonia, mi-om · premier medicine will be signing a brand new 10 year lease...

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