Subject property includes a 10,400 SF single story, free-standing retail building designed specifically for Chuck E Cheese's. The asset is secured by an Absolute Net Lease from Chuck E Cheese's who recently signed a new 5 year lease extension starting May 1st, 2016. Rent adjusts to $132,000 per year during the extension. The lease is guaranteed by CEC Entertainment, Inc. (NYSE: CEC), S&P Rated B, with a market cap of $1.0B. Property is located in the heavily traveled Miller Road commercial corridor of Flint Township, Michigan and shadowed by Target. Interstate I-75 lies just east of the property and Bishop International Airport just south. Population exceed 160,000 within a 5 mile radius. Property is located in the Charter Township of Flint and receives it's water from the Detroit Water System.
|--||New Value: $1,750,000|
|2/28/2019 5:40:00 PM|