6385 B Drive North, Battle Creek, MI

6385 B Drive North, Battle Creek, MI, 49104

Acquisition Date: September 2015
Acquisition Price: $3,035,000
Acquisition Cap Rate: 8.38%
Current Market Value: $3,220,000
Building Size: 8,064 SF
Acquisition Cost per SF: $376.36
Property Type: Retail outparcel
Tenants: AT&T and Aspen Dental
Occupancy: 100% (2 tenants)
Investor Returns: Over 10.5% annual return on investment, in line with projections (not including increase in property value)

Highlights: This property is a quality asset with high visibility, excellent location, strong demographics and class A tenants.  Envision negotiated a below market acquisition price due to short remaining term on the existing leases.  Envision discovered during its property due diligence that both tenants are top performing locations and received assurances that the tenants would renew their leases upon expiration, allowing for above market returns to investors that outweigh the risk.  To mitigate risk, this property was acquired along with 3320 Alpine Avenue, Grand Rapids, MI to allow for additional security and diversification.

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