October 11, 2022 – Russell Verzino, Zach Smith, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Famous Dave’s in Roseville, Michigan. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $3,900,000.
Famous Dave’s is located at 20300 East Thirteen Mile Road in Roseville, Michigan. The stand-alone single tenant building consists of 6,000 square feet and sits on a 1.52-acre parcel. Famous Dave’s has a long operating history at the location (since 2003) and signed a new, 15-year lease at the Property upon close of escrow. The absolute triple-net lease currently has 15 years of term plus four (4), 5-year renewal options. The lease includes an attractive 7.5% rent increase every 5 years and at the start of each option period. The Property is well-located along Thirteen Mile Road, the area’s primary commercial corridor which has traffic counts in excess of 34,000 vehicles per day. The Property is also adjacent to Interstate 94 and is visible from the more than 103,000 vehicles per day that travel along the interstate. Famous Dave’s is adjacent to two hotels and is surrounded by national retailers that drive traffic to the area. The Property is 0.75-miles from the Macomb Mall and is 12-miles from downtown Detroit.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the 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.