45 Farm Ln
Ionia, MI 48846
Tractor Supply | Ionia, MI · Retail Property For Sale

The lease structure is triple net (NNN), which is very unique as a majority of TSC leases are NN. The only responsibility of the Landlord is to carry commercial general liability insurance, while the Tenant is responsible for maintaining, repairing, and replacing all aspects of the property, as well as all required insurances, taxes, and utilities. There are over twelve (12.2) years remaining on the lease term, plus three (3), five (5) year options. The lease is corporately guaranteed by Tractor Supply Company, the largest operator of rural lifestyle stores in America. Tractor Supply is a highly regarded company with zero debt (NASDAQ: TSCO). In May 2017, Tractor extended their lease term an additional ten (10) years starting in 2021 through 2031. This demonstrates their commitment to the location as they will control the site for 25 years plus options. The lease provides for 5% rental increases at each option period. There are 18,100 residents located in the five (5) mile demographic ring, and 706,056 residents located in the thirty (30) mile demographic ring. The average household income in the five (5) mile demographic ring is $53,781. Tractor Supply has strong frontage on S State Rd. (M-66), which reports high traffic counts of 19,200 cars per day. Tractor Supply is surrounded by significant big box retail, which helps drives traffic to the store. Neighboring retailers include Walmart Supercenter, ALDI, Menards, Applebee’s, Meijer, Walgreens and McDonald’s, among others. The subject property is located directly between Grand Rapids and Lansing, MI. It takes just 35 minutes (35 miles) to drive to each of these large cities. Ionia is the largest city in, and the county seat of, Ionia County, Michigan.