November 23, 2020 – Brian Ahrens of Horvath & Tremblay has successfully completed the sale of a T-Mobile anchored plaza in Gaylord, Michigan. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2,230,000.
The T-Mobile anchored plaza is located at 1060 W Main Street in Gaylord, Michigan. The building was constructed in 2018 and is comprised of 6,448 square feet leased to T-Mobile, Domino’s Pizza and Firehouse Subs. The property is situated on a 1.05-acre parcel within one of the best retail corridors in Gaylord, where it is located adjacent to a Walmart and Lowe’s anchored shopping center. The property enjoys exceptional visibility on West Main Street with traffic counts of 28,000+ vehicles per day and is just off of I-75. T-Mobile has 3+ years remaining on a double net lease with three, 5-year renewal options. The T-Mobile lease calls for 10% rent increases at the start of each option period. Domino’s Pizza has 8+ years remaining on a double net lease with two 5-year renewal options. The Domino’s lease has $4,000 rent increases at the start of each option period. Firehouse Subs has 9+ years remaining on a double net lease with three, 5-year renewal options. The Firehouse Subs lease has scheduled increases at the start of each option period.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.