13018 Fenkell St
Detroit, MI 48227
Dollar Tree · Retail Property For Sale

Dollar Tree recently signed a brand new 7-year lease for the 12,000 square foot free-standing store on a 0.55-acre parcel. This store was initially constructed in 1945 and most recently utilized as the Detroit Beauty Mart; however, the building was completely renovated (stripped down to the four outer walls) in 2016. Current ownership spent approximately $900,000 ($75.00 per square foot) on renovations including a brand new roof with a 15-year transferable warranty, new HVAC system consisting of new HVAC units totaling 35 tons, new parking lot, new roof, roof deck, joists, plumbing, electrical, lighting and more. Dollar Tree is on a NNN lease in which they are responsible for procuring and paying for all common area maintenance expenses including routine maintenance to the parking areas, landscaping, sweeping and snow removal. The landlord is responsible for paying for the real estate taxes and property insurance, subject to reimbursement from the\ tenant on a monthly basis. However, it must be noted that Dollar Tree is to pay a maximum reimbursement of $0.40 per square foot for the insurance expense during the first 12 months of the lease term (9/2016 8/2017). The Subject Property is located along the north side of Fenkell Street and west of Wyoming Street with close access to M-10 / The Lodge Freeway in between the Belmont and Fitzgerald neighborhoods of Detroit. Detroit is the most populous city in the state Michigan, the fourth-largest city in the Midwest. The city is in the midst of resurgence, especially in Downtown and Midtown Detroit as they are experiencing the most activity as Dan Gilbert, Owner of Quicken Loans and Little Caesers Pizza, invested with the Illitch family to develop The District , a 7.84 million square foot sports and entertainment district anchored by Comerica Park, Fox Theater and a new 785,000 square foot World-class arena home for the Detroit Red Wings. The project covers a massive 50 blocks of mixed-use neighborhoods in downtown Detroit featuring residential, office, hotel and retail development. Phase 1 retail totals 370,963 square foot of space with total buildout pushing 1 million square feet. Construction of the arena and surrounding District is expected to generate at least $2.1 billion in total economic impact.