UTICA, MI-Flower Factory Inc. has entered the Michigan market by subleasing 107,400 sf of retail space at the site of a former Expo Design Center. The six-year sublease on the Home Depot-owned property, at 45160 Utica Park Blvd. has an option for renewal, according to Tjader Gerdom of Colliers International's Southfield office. Gerdom, who with colleague Brad Boatin, represented Cincinnati-headquartered tenant.
While Gerdom could not discuss specific financials of the transaction, he did indicate that the 18,000-sf end cap remaining from the transaction is listed at $14 per sf to $15 per sf, triple net. "There was some free rent worked in on the deal as well to cover the demolition and clean up of the former Home Expo layout as well," Gerdom tells GlobeSt.com.
Gerdom adds that Flower Factory has starting its build-out on the property, with a hoped-for April or May opening. Gerdom, who is representing Flower Factory in seeking out other Michigan locations, adds there is some interest in opening a location on the west side of the MSA, but "nothing yet to speak of."
Boatin, in the meantime, tells GlobeSt.com that the company, which sells products in bulk to businesses and nonprofit organizations, had examined other sites before choosing the former Expo Design Center location. "Location and visibility were the reasons why this one was chosen," Boatin adds. "Home Depot does a great job of selecting their real estate for visibility, and this appealed to the tenant." Jeff Poole of Corporate Dispositions in Atlanta, Home Depot's real estate arm, represented the sub-landlord.
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