28720 Northwestern Hwy
Southfield, MI 48034
Retail Property For Sale

Marcus & Millichap is pleased to offer for sale this single-tenant PNC Bank with a McDonald's ground lease located in an affluent Oakland County, Michigan submarket. PNC and McDonald's are operating under rare 30-year corporate leases, each with 20 years of term remaining and rental increases within the initial lease term. This is an exceptionally strong branch for PNC with deposits at the location exceeding $108 million. McDonald's has a long, successful history in the area as this was a relocation site from one-half mile away. McDonald's owns their building and parcel but is leasing 0.27 acres necessary for their drive-through and additional parking. PNC and McDonald's both have top tier credit ratings from Standard and Poor's, PNC with an A rating and McDonald's with a BBB+ rating. Located on a hard corner in Southfield, on the border of Farmington Hills, the PNC Bank has excellent visibility with access from both Northwestern Highway and Franklin Road. Traffic counts are in excess of 63,000 vehicles per day. This asset also benefits from its close proximity and ease of access to the Interstate 696, M-10 (Lodge Freeway) and US-24 (Telegraph Road) interchange which brings an additional 159,000 vehicles to the immediate area. The PNC and McDonald';s are in the heart of a dense office and retail market. There are over 30 million square feet of office space and over 12 million square feet of retail within a five-mile radius. Demographics are strong with more than 195,000 people with an average household income of nearly $105,000 within a five-mile radius. The daytime population exceeds 253,000. PNC Financial Services Group, Inc. is the fifth largest bank by number of branch offices in the United States. More than eight million customers and small businesses use PNCs various deposit, lending, credit card, cash management, and investment services. PNCs solid footing and strong investment grade credit rating (Standard & Poor's: A), make it a very attractive tenant. Southfield, Michigan is a dominant commercial and business center for the metropolitan Detroit area; several internationally recognized corporations have major offices and headquarters in Southfield. According to the Southeast Michigan Council of Governments (SEMCOG), over 75,000 people commute to the City of Southfield for work. The bank is also situated in close proximity to Lawrence Technological University, a private university with approximately 4,500 students. This PNC Bank with McDonald's ground lease provides an investor with the opportunity to own an asset with strong intrinsic value and high caliber tenancy.