The Boulder Group is pleased to exclusively market for
sale a single tenant absolute net leased Max & Erma’s property located in the
Detroit MSA. The 6,264 square foot Max & Erma’s restaurant is ideally
located at an Interstate 75 interchange in a dominant retail destination that
attracts consumers from throughout parts of Michigan and nearby Canada. Located
across the street is the Great Lakes Crossing Outlets, which features over 180
shops and 1.4 million square feet of retail. Max and Erma’s has approximately
nine years remaining on their twenty year lease that expires April 30, 2023.
The lease features a 7.5% rental escalation in 2018. Max & Erma’s is a
casual dining restaurant chain that is known for their award-winning burgers,
locally brewed beer and fresh-baked chocolate chip cookies as well as many
other menu items. Max & Erma’s is a wholly owned subsidiary of American
Blue Ribbon Holdings, the 8th largest full service restaurant
holdings company in the United States.
The Max & Erma’s is located
across the street from the Great Lakes Crossing Outlets. Great Lakes Crossing
Outlets is Michigan’s largest and dominant outlet shopping center with a strong
mix of fashion department store outlets, manufacturer’s outlets, and
category-dominant stores. Notable retailers within the development include Polo
Ralph Lauren, Coach, Michael Kors, Lacoste, J. Crew, Hugo Boss, Talbots, and
many other premium retailers. The development also features a 25-screen AMC
Theatre and Sea Life Michigan Aquarium (scheduled to open Spring 2015). Approximately
20% of Great Lakes Crossing Outlets’ shoppers are tourists traveling 60 miles
or more and come from throughout the Midwest and Canada. Further establishing
this corridor as a dominant retail destination is the presence of many big box
national retailers in the immediate vicinity. Surrounding notable retailers
include Costco, Sam’s Club, Target, Home Depot, Meijer, Kohl’s, Best Buy, and
many others.
The 2.89 acre Max & Erma’s parcel
is located at a high profile Interstate 75 interchange on Baldwin Road.
Interstate 75 experiences traffic counts in excess of 85,000 vehicles per day.
Baldwin Road is a heavily trafficked north-south thoroughfare in the northwest
suburbs. The average annual household income within a one mile radius is in
excess of $73,000. Additionally, there are approximately 125,000 people living
within a five mile radius.
Max & Erma’s has approximately 9 years remaining on
their absolute net lease that expires April 30, 2023. The lease features a 7.5%
rental escalation in 2018. There are
approximately 70 Max & Erma’s locations throughout parts of the Midwest and
East Coast. Max & Erma’s is a wholly owned subsidiary of American Blue
Ribbon Holdings, the 8th largest full service restaurant holdings
company in the United States and have over 646 restaurants.
http://bouldergroup.com/NNN-Properties-For-Sale.html
