335 Haggerty Rd
Walled Lake, MI 48390
Staples · Retail Property For Sale

Marcus & Millichap is pleased to exclusively offer a fee simple interest in this Staples net leased asset located in Walled Lake, Michigan. Staples ( the Tenant ) executed a new 5 year double net lease in 2016 and has been at this location since 1996. While sales are not reported at the location, the new 5 year lease extension by the tenant in 2016 is a strong indicator of the tenant' s commitment to this location/market . Staples is the largest office supply chain in the United States and boasts a BBB- credit rating by Standard and Poor' s. The Tenant' s rent of $8.50 PSF is a below market rent for the submarket based on the quality of this location, and neighboring tenancy, Costco, Target, Petsmart, Home Depot, Lifetime Fitness, and Michaels. Staples is the sole office supply store in this marketplace with the next nearest competitor, Office Max, about 5 miles away. The subject property is located in Walled Lake, which is in Oakland County, Michigan, one of the ten highest income counties in the United States with populations of over one million people. Oakland County first received its AAA Bond Rating in 1998 and has had it reaffirmed every year since by Moody's and Standard and Poor's. Only 38 counties among more than 3,000 nationwide have attained and maintained the coveted AAA Rating. This property is conveniently located with easy access to M-5, I-696, and I-96 making this an easily accessible destination. This retail corridor boasts 3 Million plus square feet of retail space within a 3-mile radius of the subject property. The property is strategically located in an affluent market with an average household income of approximately $103,000 within a 5-mile radius. It is also located in a densely populated market with over 161,000 people within a 5 mile radius. Population demographics are expected to continue to increase, which helps to ensure the long term stability of this investment.