PRESENTED BY VERNOR HIGHWAY LAND 2159 - 2163 E Vernor • Detroit, MI 48207 Simon Jonna Executive Managing Director Investments Senior Director - Net Leased Properties Group Detroit Office Tel: (248) 415-2625 [email protected]Raymond Jonna Senior Advisor Member - National Retail Group Detroit Office Tel: (248) 415-3018 [email protected]Subject Site
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2159-2163 E Vernor • Detroit, MI 48207...2159-2163 E Vernor • Detroit, MI 48207 Simon Jonna Executive Managing Director Investments Senior Director - Net Leased Properties Group
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P R E S E N T E D B Y
VERNOR HIGHWAY LAND2159-2163 E Vernor • Detroit, MI 48207
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any
corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or
subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information
about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References
to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Loan Type All CashLot Size (SF) 19,166Price/SF $17.22Lot Size (Acres) 0.44 acre(s)Price/Acre $750,016Allowable Buildable SF 18,992Number of Lots 1Price/Lot $330,000Type of Ownership Fee Simple
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EXECUTIVE SUMMARY
OFFERING SUMMARY
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OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES *
General Motors 14,225
Board of Education of The City 6,586
College of Nursing 5,000
Ford 4,004
Adminstrative Office 3,700
Blue Cross and Blue Shield 3,025
MGM Grand Detroit 3,000
Motorcity Casino & Hotel 2,750
John D Dingell VA Medical Ctr 2,500
Harper University Hospital 2,400
Detroit Medical Center 2,220
Vhs Childrens Hosp Mich Inc 2,213
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 14,753 82,825 219,309
2010 Census Pop 15,161 85,335 227,657
2017 Estimate HH 8,250 39,878 87,504
2010 Census HH 8,440 41,169 91,220
Median HH Income $22,776 $21,550 $22,616
Per Capita Income $22,672 $19,443 $15,278
Average HH Income $40,256 $38,677 $37,009
* # of Employees based on 5 mile radius
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OFFERING SUMMARY
▪ Rare Opportunity Within Vicinity of Eastern Market
▪ Hottest Market Brand in Country Due to Detroit Renaissance
▪ Vibrant Locale: Numerous Ongoing Construction Projects and Cranes
▪ Retailers within Immediate Vicinity Include: Burger King, Comerica
Bank, McDonald’s, KFC, CVS Pharmacy, Little Caesars Pizza,
Walgreens, Wendy’s and many more.
INVESTMENT HIGHLIGHTS
The Jonna Group of Marcus & Millichap is pleased to present this exclusive and rare Detroitredevelopment opportunity, just south of Gratiot Avenue. This property is within vicinity of EasternMarket, the destination in the heart of the city with fresh food, restaurants, businesses, art andculture and over 150 years of rich history. Detroit is overserving numerous ongoingresidential/office/hospitality/parking/real estate ventures surrounded by crews and cranes fromDowntown to Midtown to New Center to Corktown and beyond.
The City of Detroit is engaged in one of Americas greatest urban revitalization and renewal effortsand is in the midst of phenomenal residential, commercial, and industrial growth. Over the pastdecade, more than $15 billion has been invested downtown, building a brand new professionalsports stadium and entertainment district, live theater and opera venues, casinos and hotels, newClass A office space for General Motors and Compuware, as well as residential and retail space,and a plethora of new restaurants and nightclubs. Greektown is a historic commercial andentertainment district in Detroit, Michigan, along Monroe Avenue between Brush and St. AntoineStreets with a station on the city's elevated downtown transit system known as the Detroit PeopleMover. Greektown is also situated between the Renaissance Center, Comerica Park, and Ford Field.
INVESTMENT OVERVIEW
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MARKET
OVERVIEW
STADIUM LIQUOR BUILDING
THE DISTRICT DETROIT
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DETROIT -Little Caesars Arena in TheDistrict Detroit serves as the home of theDetroit Red Wings, Detroit Pistons andcountless other sports, entertainment andcommunity events. The District Detroit is50 blocks of thriving businesses, parks,restaurants, bars and event destinations.The arena is home to over 200,000 SF ofretail and office space.
STADIUM LIQUOR BUILDING
RECENT COBO CENTER RENOVATIONS
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STADIUM LIQUOR BUILDING
HISTORIC GREEKTOWN
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Greektown is a historic commercial and entertainment district in Detroit,
Michigan, located just northeast of the heart of downtown, along Monroe
Avenue between Brush and St. Antoine Streets with a station on the city's
elevated downtown transit system known as the Detroit People Mover.
Greektown is also situated between the Renaissance Center, Comerica Park,
and Ford Field. The district is dominated by Greek-themed restaurants and
includes St. Mary Roman Catholic Church, Second Baptist Church, the
Athenium Suite Hotel, and the Greektown Casino Hotel within its
boundaries. The district was listed on the National Register of Historic
Places in 1982. The district is often the site of the Greek parade in March.
STADIUM LIQUOR BUILDING
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DETROITOVERVIEW
The Detroit metro is located in the southeastern portion of Michigan
along the Detroit River, which connects Lake St. Clair and Lake Erie.
Across the Detroit River lies the city of Windsor, Ontario, which
provides access to the Canadian market. The metro is a nearly 4,000-
square-mile region composed of six counties: Wayne, Macomb,
Lapeer, Oakland, St. Clair and Livingston. More than 4.3 million
residents reside in the area and after years of declining population, the
metro is adding residents again as employers and development
expand. Wayne is the most populated county, followed by Oakland
County. Detroit is the largest city with nearly 700,000 residents.
MARKET OVERVIEW
METRO HIGHLIGHTS
EMPLOYMENT GROWTH
Job creation will remain strong, building on the
178,300 jobs added in the past five years. The
largest gains are expected in construction and
office-using sectors.
AUTO DESIGN AND MANUFACTURING
The metro is home to the Big Three as well as two-
thirds of the world’s automotive research and
development firms.
DIVERSIFYING ECONOMY
Increased entrepreneurial activity has created a
knowledge-based economy, diversifying beyond
manufacturing and the auto industry.
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ECONOMY▪ Multiple Fortune 500 corporations are based in the metro, many of which are in the auto
industry, such as General Motors Corp., Ford Motor Co. and FCA US LLC. Other
companies include Autoliv, BorgWarner, DTE Energy, Ally Financial and Kelly Services.
▪ A growing knowledge-based economy is supplementing the manufacturing and automotive
industries. The New Economy Initiative for Southeast Michigan provides support and
networking for entrepreneurial activity.
▪ The economy is diversifying into the healthcare and technology sectors, attracting
companies to the area. Tech companies work alongside the auto industry.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
General Motors Corp.
Rock Ventures
FCA US LLC
DTE Energy
Beaumont Health
Henry Ford Health System
St. John Providence Health System
Ford Motor Co.
Detroit Medical Center
Wayne State University* Forecast
MANUFACTURING12%
GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
18%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
1%INFORMATION
20%
4%
9% 10% 6%
16%
MARKET OVERVIEW
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DEMOGRAPHICS
SPORTS
ARTS & ENTERTAINMENT
▪ The metro is expected to add nearly 50,600 people through 2022, resulting in the
formation of roughly 37,600 households and generating demand for housing.
▪ Relatively affordable home prices produce a homeownership rate of 69 percent,
which is above the national rate of 64 percent.
▪ Almost 29 percent of residents age 25 and older are bachelor’s degree holders and
11 percent also have earned a graduate or professional degree.
The Detroit region, birthplace of Motown and the mass-production automobile industry,
offers all the benefits of living close to the Great Lakes but at a moderate cost.
Revitalization has included sports facilities such as Comerica Park for the Tigers, Ford Field
for the Lions, and a new hockey arena for the Red Wings. Additionally, new entertainment
and retail venues are reshaping downtown Detroit. For culture buffs, the region is home of
the Detroit Institute of Arts, the Detroit Historical Museum and the Michigan Science
Center. Meanwhile, several universities and colleges are located nearby, including the
University of Michigan, Wayne State University, University of Detroit Mercy and Lewis
College of Business.
QUALITY OF LIFE
2017 Population by Age
0-4 YEARS
6%5-19 YEARS
19%20-24 YEARS
6%25-44 YEARS
25%45-64 YEARS
29%65+ YEARS
15%
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s