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LA MIRAGE SHOPPING CENTER
29555 Northwestern Hwy • Southfield, MI 48034
1
P R E S E N T E D B Y Simon Jonna
Executive Managing Director Investments
Senior Director - Net Leased Properties Group
Tel: (248) 415-2625
Licenses: MI 6502378181, MI 6502381291
Byron Kalia
Associate
Net Leased Properties Group
Tel: (248) 415-3010
License: MI 6501291830
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
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and
should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified
information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any
tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be
reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these
matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to
verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
Non-Endorsement NoticeMarcus & 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.
LA MIRAGE SHOPPING CENTER
Southfield, MI
ACT ID ZAA0290156
2
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02
Tenant Summary
Lease Expiration Chart
Operating Statement
Notes
Pricing Detail
Proposal Price
MARKET OVERVIEW 03
Market Analysis
Demographic Analysis
LA MIRAGE SHOPPING CENTER
3
LA MIRAGE SHOPPING CENTER
4
INVESTMENT
OVERVIEW
REGIONAL MAP
LA MIRAGE SHOPPING CENTER
5
LOCAL MAP
LA MIRAGE SHOPPING CENTER
6
LA MIRAGE SHOPPING CENTER
Subject Site
Fountain Park Office
Over 53,250 SF
Medical Center
Medical Offices
Over 127,127 SF
Franklin Place Offices
Over 204,600 SF
Walgreens
McDonald’s Burger King
7
Corporate Office
Bingham
Office Park
1,218,000 SFJimmy Johns
Over 187,000 People Within Five Miles Radius
Average Household Income Over $116,000 Within Five Miles
North Valley Offices
Over 131,000 SF
Wellington Place Offices
Over 151,150 SF
12 Mile RdOver 27,000 Vehicles Per Day
Marcus & Millichap closes
more transactions than any
other brokerage firm.
12
LA MIRAGE SHOPPING CENTER
8
PROPERTY PHOTO
LA MIRAGE SHOPPING CENTER
OFFERING SUMMARY
▪ Prime Location | Heavily Trafficked Intersection | Northwestern Highway (M-10) & Inkster
▪ Roof Completely Replaced in 2017 | 10 Year Warranty
▪ Parking Lot Fully Resurfaced in 2017 | Ample Parking Available
▪ Eight (8) New HVAC Unites installed in Trailing Three (3) Years | Limited Warranty Available
▪ Traffic Counts Over 150,000 Vehicles Per Day | Busy Daytime Office Flow of Traffic
▪ Strong Affluent Market with Growing Demographics | Increasing Population Since 2010
▪ 80,000 Households in 5-Mile Radius | Over 192,000 People in 5-Mile Radius
▪ High Average Household Income | Over $103,000 in 3-Mile Radius
▪ Dominant Retail Trade Corridor | Abundant National Retailers In Vicinity
INVESTMENT HIGHLIGHTS
The Jonna Group of Marcus & Millichap is pleased to exclusively present the sale of La Mirage Shopping Center located in Southfield,Michigan. This Guitar Center-anchored shopping center is 38,480 square feet sitting on 3 acres of land. It is strategically situated withexcellent frontage on highly trafficked Northwestern Highway, just off of Inkster Road. Northwestern Highway is one of the busiestcommercial streets in Michigan, where business and leisure traffic alike travel and have access to La Mirage Shopping Center daily. GuitarCenter has been established at this plaza since 1999 and has had impressive sales performance ever since . Guitar Center recentlyextended their lease an additional 5 years with and additional (2) 5-Year options available, showing strong conviction for the site.
The subject property is located on the consistently busy north-south state trunkline highway that is home to a dense retail corridor in adense retail trade area that sees over 150,000 vehicles traveling per day. Retailers in the immediate vicinity include Meijer, Lowes,Walgreens, CVS, Chase Bank, McDonalds, Burger King, Dunkin Donuts, Panera Bread The UPS Store, Family Dollar, along with impressiveaccess to premier hotels, corporate offices and residential developments.
Southfield is a city in Oakland County of the US state of Michigan. It is a northern suburb of Detroit, MI. A part of Metro Detroit's upscaleoffice market, the city's marque is a cluster of five golden skyscrapers known as the "Golden Triangle" that form the contemporary2,200,000 square feet Southfield Town Center office complex with a Westin Hotel and a conference center. In addition, a 33-story luxuryresidential high-rise is separate from the complex. To the west, near the confluence of I-696/Reuther Freeway and M-10/Lodge Freeway, isthe American Center. Southfield is one of the main commercial and business centers for the metropolitan Detroit area, with over27,000,000-square feet of office space, second in the Detroit metro area to only Detroit’s central business district.
INVESTMENT OVERVIEW
9
LA MIRAGE SHOPPING CENTER
10
FINANCIAL
ANALYSIS
LA MIRAGE SHOPPING CENTER
#
EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
Ic Group 8,858
Eagle Ottawa Leather 4,203
BEAUMONT BOTSFORD OAKWOOD HEAL
3,517
Federal-Mogul Products Inc 2,600
Veoneer Inc 1,400
Revstone Transportation LLC 1,300
Gale 1,232
Village Green Holding LLC 1,200
St Regis School 1,126
AC Services 1,000
Ford 1,000
Wayne State Univ Physcn Group 950
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2018 Estimate Pop 7,980 59,825 187,144
2010 Census Pop 7,719 57,956 181,725
2018 Estimate HH 3,704 26,506 77,651
2010 Census HH 3,575 25,604 75,157
Median HH Income $55,532 $71,930 $78,761
Per Capita Income $43,156 $48,263 $48,438
Average HH Income $92,959 $108,686 $116,325
11
VITAL DATAYEAR 1 YEAR 2
Price $4,900,000 CAP Rate 9.65% 9.65%
Down Payment100% /
$4,900,000
Net Operating Income
$473,015 $473,015
Loan Type All Cash
Net Cash Flow After Debt Service
9.46% / $463,685
9.46% / $463,685
Gross Leasable Area (GLA)
38,490 SFTotal Return
9.46% / $463,685
9.46% / $463,685
Price/SF $127.31Current Occupancy 96.96%Year Built / Renovated
1979 / 2010
Lot Size 3 acre(s)
FINANCIAL ANALYSIS
LA MIRAGE SHOPPING CENTER
12
TENANT SUMMARY
FINANCIAL ANALYSIS
LA MIRAGE SHOPPING CENTER
OPERATING STATEMENT
13
FINANCIAL ANALYSIS
LA MIRAGE SHOPPING CENTER
PRICING DETAIL
14
LA MIRAGE SHOPPING CENTER
15
MARKET
OVERVIEW
16
Airport District
16
MARKET OVERVIEW
• Guitar Center’s guitar sales over the past year have been the strongest observed in the company’s history
• Total guitar market unit volume grew 7% from 2016-2017 and in retail value 8.8%
• In a retail market of $1.3 billion, acoustic guitars make up about 56% ($740 million) and electric guitars the remaining 44% ($590 million)
• Training and musical education is a priority for the stores, which it provides in a non-threatening, supportive environment with professional teachers recruited from the most prestigious music colleges
• Guitar Center has operated for more than 50 years and with more than 280 stores Nationwide
17
SOUTHFIELDMICHIGAN
The city of Southfield is not only Michigan's premier business address, but also one of the metro area's most desirable
residential communities as well. Southfield offers a complete living community, featuring a nationally recognized public
school system, 10 colleges and universities, and more than 700 acres of park land. Located in Oakland County, with easy
access to most metro area expressways, Southfield offers both a cosmopolitan, culturally-diverse residential population
of more than 71,000 residents and a thriving international business community. Southfield is home to more thank 9,000
business including more than 80 "Fortune 500" companies. The city's extensive infrastructure, access to a footprint of
citywide fiber optics and central location are just a few of the many reasons why businesses choose Southfield. More than
350 high-technology, information-technology, and telecommunication firms have a corporate presence in Southfield,
including AT&T, Verizon, Sprint, Comcast, LDMI, Level 3 Communications, and MCI. More than 90 software development
companies also have a presence in the city, including the industry's largest: IBM, Microsoft, USG Corporation, Sun
Microsystems, Cisco Systems,
and many others. Other key high-tech industries represented in Southfield include major electronic media and satellite
facilities such as Hughes Satellite, national affiliates ABC, CBS, FOX, The CW Television Network (Formerly WB Network)
and Infinity
Broadcasting, parent company of five metro-area radio stations. Healthcare and life science-based businesses also
abound in
Southfield, including Blue Cross/Blue Shield of Michigan, Blue Care Network, St John's Providence Hospital, Housey
Pharmaceuticals, Lumigen and several others. Some of the world's leading research and development firms are also
based in Southfield, including Lear Corporation (world headquarters), Denso International (North American
headquarters), BASF, GE, Honda Research and Development America, Eaton Corporation, Sverdrup Technologies,
Panasonic Automotive Electronics, Autolive Electronics-North America and many more.
LOCATION OVERVIEW
STARBUCKS
MARKET OVERVIEW
DETROITOVERVIEW
1
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.
LA MIRAGE SHOPPING CENTER
MARKET OVERVIEW
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
2
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%
LA MIRAGE SHOPPING CENTER
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
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
3
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
Analytics; U.S. Census Bureau
LA MIRAGE SHOPPING CENTER
40.1
2017MEDIAN AGE:
U.S. Median:
37.8
$57,000
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$56,300
4.3M
2017POPULATION:
Growth2017-2022*:
1.2%
1.7M
2017HOUSEHOLDS:
2.2%
Growth2017-2022*:
21
Retail deliveries reach a nine-year high in 2018. Suburban home-improvement and
grocery stores are dominating construction. Menards will open stores in Taylor,
Belleville and Lake Orion this year, accounting for over half of the metro’s deliveries.
Also, Kroger and Aldi are among the grocers expanding as retailers follow rooftops to
growing and redeveloping communities. Metrowide, the population has increased by
more than 9,300 people during the past 12 months, while the median household
income set a new high, rising above $60,000 for the first time. These factors
contributed to retail sales posting a 4.2 percent hike over the past four quarters, the
largest year-over-year gain in nearly three years, which bodes well for the retail
sector.
Mixed-use projects bringing additional retail to city core. In downtown Detroit, new
and renovated apartment and condo projects are attracting residents back into the
city and generating the need for additional goods and services. Also, destination
stores such as Nike and Shinola are drawing local retailers and shoppers back into
the city. Renovated mixed-use buildings coming online this year, such as the David
Stott building, will provide more ground-level retail space. New developments include
The District Detroit’s Columbia Street, which opened in 2018 with 40,000 square feet
of retail space and the second phase will provide nearly 70,000 square feet of retail
inventory.
• Recent store closures will provide redevelopment opportunities. Well-located
suburban assets with plenty of parking will gain buyer attention. A number of
these properties are being repurposed to accommodate non-traditional
enterprises such as experiential or medical users.
• A tight supply of single-tenant net-leased assets has some buyers
considering strip centers with fewer than six tenants. During the last four
quarters, these buildings traded at an average of $151 per square foot with
an average cap rate of 8.3 percent. Newer properties with national tenants in
prime locations can trade for more than $500 per square foot.
• Waterford Township has reached a demolition agreement with the owners of
the vacated Summit Place Mall. The shopping center is scheduled to be torn
down by 2020, allowing the site to be redeveloped, which should improve
surrounding valuations.
Retail 2018 OutlookRetail Construction Proliferating in
Both Suburbs and Downtown Detroit
DETROIT METRO AREA
1.3 million sq. ft.
will be completed
3.0% increase in
asking rents
10 basis point
decrease in vacancy
Construction:
In 2018, the average asking rent will rise 3.0
percent to $14.05 per square foot, 2 percent
below the 2008 peak. In 2017, a 5.0 percent
hike was registered.
Net absorption of more than 1.4 million
square feet compresses vacancy 10 basis
points to 6.5 percent in 2018. A 40-basis-
point drop was posted last year.
* Cap rates trailing 12 months through 2Q18; 10-Year Treasury up to June 29.
Sources: CoStar Group, Inc.; Real Capital Analytics
A total of 1.3 million square feet will be
completed during 2018, up from 1.2 million
square feet last year. Roughly 75 percent of
this year’s inventory is pre-leased.
Vacancy:
Rents:
Investment Trends
LA MIRAGE SHOPPING CENTER
22
• Over the past four quarters,
14,100 workers were added to
payrolls, down from 37,900 one
year earlier. The slower job
growth raised the June
unemployment rate 40 basis
points to 4.4 percent, moving it
above the U.S. level.
• The leisure and hospitality
segment outperformed other
sectors, accounting for 10,600
new positions year over year. It
has added 31,200 jobs in the
past five years.
EMPLOYMENT
• Following the delivery of 1.4
million square feet one year ago,
completions eased to 1.2 million
square feet in the most recent 12
months. The majority of the
projects are build-to-suit,
lessening the impact on vacancy.
• Home-improvement chain
Menards accounts for more than
half of the new inventory due to
be finalized in 2018 with the
opening of three stores.
CONSTRUCTION
• On the net absorption of more
than 1.6 million square feet, the
vacancy rate contracted 30
basis points to 6.6 percent year
over year, after a 70-basis-point
drop was registered 12 months
earlier.
• Multi-tenant vacancy sits much
higher due in part to vacated
centers. The rate was 12.7
percent in the second quarter,
down 70 basis points since June
2017.
VACANCY
• Second quarter asking rent
climbed 3.1 percent to an
average of $13.72 per square
foot over the past 12 months,
after a 5.1 percent jump one
year earlier.
• The average rent in multi-tenant
properties declined 2.0 percent
to $11.82 per square foot in the
most recent four quarters. This is
down from a 4.1 percent gain
one year earlier as older space
is being marketed.
RENTS
DETROIT METRO AREA
increase in the
average asking rent
Y-O-Y
3.1%basis point decrease
in vacancy Y-O-Y30square feet
completed
Y-O-Y
1.2 millionincrease in total
employment Y-O-
Y
0.7%
* Forecast
2Q18 - 12-Month Trend
LA MIRAGE SHOPPING CENTER
23
Tighter Supply of For-Sale Properties Inches Retail Prices Higher
Outlook: Ford’s redevelopment of the
Michigan Central Station in the Corktown
neighborhood should generate demand
for retail offerings and boost nearby
values.
Vacancy
Rate
Y-O-Y
BasisPoint
Change
SubmarketAsking
Rent
Y-O-Y %
Change
Troy 2.4% -10 $19.98 -8.6%
Southfield 4.2% -10 $16.22 23.3%
Downriver 5.6% -300 $12.30 4.1%
Macomb 5.6% -10 $13.40 6.9%
Bloomfield 5.7% 30 $18.29 0.7%
Northern Outlying 5.7% -70 $11.57 -4.2%
Detroit/The Pointes 6.1% -100 $13.40 5.4%
Livingston/W Oakland 6.4% 50 $14.71 -0.6%
Royal Oak 6.8% 10 $16.66 15.4%
West Wayne 7.7% 40 $11.87 -1.2%
North Oakland 11.8% -30 $14.11 4.1%
Overall Metro 6.6% -30 $13.72 3.1%
Submarket Trends
Lowest Vacancy Rates 2Q18
Sales Trends
DETROIT METRO AREA
• Multi-Tenant: After a surge in transactions last year, sales activity dropped in the last
four quarters as fewer assets were available. The average price rose 4 percent to $172
per square foot.
• Single-Tenant: Strong demand inched the average price up 1 percent to $253 per
square foot year over year, while initial yields averaged 7.4 percent.
* Trailing 12 months through 2Q18 over previous time period.
Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
LA MIRAGE SHOPPING CENTER
* Forecast **2017-2022
24
DETROIT METRO AREA
LA MIRAGE SHOPPING CENTER
• Fed raises benchmark rate, plans for additional increases. The Federal Reserve recently
increased the federal funds rate by 25 basis points, lifting the overnight lending rate to 2
percent at the conclusion of its September meeting. The Fed noted inflation has broadly
reached its target, while household spending and corporate investment remain robust. The
Fed indicated an additional rate hike this year and projects as many as three increases in
2019.
• Lending costs rise alongside Fed rate increase. As the Fed lifts rates, lenders have been
tightening margins to compete for loans. Despite these efforts, borrowing costs remain on an
upward trajectory, which is tightening returns and pushing some investors to seek greater
yields in secondary markets. However, though buyers may try to push back on pricing due to
increased loan costs, some sellers remain convinced that the strong economy and sturdy NOI
performance substantiate aggressive pricing and a widening expectation gap is the result. If
interest rates rapidly surge upward, this gap could quickly widen, slowing transaction activity.
• The capital markets environment remains competitive. As the Fed tightens policy, global
investors have been acquiring Treasurys in order to capture a considerable yield premium,
keeping the 10-year Treasury near 3 percent. Portfolio lenders are providing debt for retail
assets, with leverage typically capped at 60 to 65 percent. The sector has become
increasingly nuanced, with deals more scrutinized due to e-commerce competition. Ten-year
loan structures will range between 4.95 and 5.25 percent, depending on tenancy, location and
sponsorship. Continued consumer spending underpins U.S. growth, supporting retail demand
and driving a 10-basis-point decline in vacancy to 4.9 percent this year.
Through Sept. 26
Sources: CoStar Group, Inc.; Real Capital Analytics
Capital Markets
PROPERTY NAME
MARKETING TEAM
LA MIRAGE SHOPPING CENTER
DEMOGRAPHICS
Source: © 2018 Experian
Created on March 2019
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Population 8,077 60,384 186,959
▪ 2018 Estimate
Total Population 7,980 59,825 187,144
▪ 2010 Census
Total Population 7,719 57,956 181,725
▪ 2000 Census
Total Population 7,271 60,136 190,229
▪ Current Daytime Population
2018 Estimate 15,178 98,707 242,761
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Households 3,761 26,955 78,079
▪ 2018 Estimate
Total Households 3,704 26,506 77,651
Average (Mean) Household Size 2.17 2.25 2.38
▪ 2010 Census
Total Households 3,575 25,604 75,157
▪ 2000 Census
Total Households 3,265 26,082 76,708
▪ Occupied Units
2023 Projection 3,761 26,955 78,079
2018 Estimate 4,244 29,415 83,345
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2018 Estimate
$150,000 or More 14.73% 19.12% 21.33%
$100,000 - $149,000 12.53% 16.47% 17.66%
$75,000 - $99,999 11.72% 12.85% 13.10%
$50,000 - $74,999 14.79% 13.90% 14.88%
$35,000 - $49,999 14.49% 11.55% 10.65%
Under $35,000 31.73% 26.12% 22.37%
Average Household Income $92,959 $108,686 $116,325
Median Household Income $55,532 $71,930 $78,761
Per Capita Income $43,156 $48,263 $48,438
HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure
$67,106 $72,716 $77,682
▪ Consumer Expenditure Top 10 Categories
Housing $16,227 $17,851 $18,775
Transportation $14,099 $15,271 $16,801
Shelter $8,849 $9,610 $10,082
Food $7,132 $7,648 $8,139
Personal Insurance and Pensions $5,818 $6,466 $7,214
Health Care $4,297 $5,199 $5,387
Utilities $3,849 $4,171 $4,354
Entertainment $2,899 $3,346 $3,589
Apparel $1,812 $1,863 $2,030
Household Furnishings and Equipment
$1,718 $2,034 $2,209
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2018 Estimate Total Population 7,980 59,825 187,144
Under 20 23.62% 21.43% 22.08%
20 to 34 Years 20.90% 15.93% 16.12%
35 to 39 Years 6.51% 5.17% 5.20%
40 to 49 Years 12.36% 12.05% 12.53%
50 to 64 Years 20.30% 22.57% 23.40%
Age 65+ 16.33% 22.85% 20.66%
Median Age 39.20 46.65 45.72
▪ Population 25+ by Education Level
2018 Estimate Population Age 25+ 5,617 43,866 135,623
Elementary (0-8) 0.88% 1.20% 1.26%
Some High School (9-11) 2.80% 3.01% 3.63%
High School Graduate (12) 16.84% 15.89% 15.93%
Some College (13-15) 23.69% 20.52% 20.55%
Associate Degree Only 7.26% 7.08% 6.76%
Bachelors Degree Only 26.21% 27.85% 27.68%
Graduate Degree 21.47% 23.64% 23.49%
25
Income
In 2018, the median household income for your selected geography is
$78,761, compare this to the US average which is currently $58,754.
The median household income for your area has changed by 15.11%
since 2000. It is estimated that the median household income in your
area will be $93,076 five years from now, which represents a change
of 18.18% from the current year.
The current year per capita income in your area is $48,438, compare
this to the US average, which is $32,356. The current year average
household income in your area is $116,325, compare this to the US
average which is $84,609.
Population
In 2018, the population in your selected geography is 187,144. The
population has changed by -1.62% since 2000. It is estimated that
the population in your area will be 186,959.00 five years from now,
which represents a change of -0.10% from the current year. The
current population is 46.89% male and 53.11% female. The median
age of the population in your area is 45.72, compare this to the US
average which is 37.95. The population density in your area is
2,377.87 people per square mile.
Households
There are currently 77,651 households in your selected geography.
The number of households has changed by 1.23% since 2000. It is
estimated that the number of households in your area will be 78,079
five years from now, which represents a change of 0.55% from the
current year. The average household size in your area is 2.38 persons.
Employment
In 2018, there are 158,549 employees in your selected area, this is
also known as the daytime population. The 2000 Census revealed
that 79.02% of employees are employed in white-collar occupations
in this geography, and 20.89% are employed in blue-collar
occupations. In 2018, unemployment in this area is 3.28%. In 2000,
the average time traveled to work was 26.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
58.27% White, 30.72% Black, 0.02% Native American and 7.66%
Asian/Pacific Islander. Compare these to US averages which are:
70.20% White, 12.89% Black, 0.19% Native American and 5.59%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 1.86% of the current year
population in your selected area. Compare this to the US average of
18.01%.
PROPERTY NAME
MARKETING TEAM
LA MIRAGE SHOPPING CENTER
Housing
The median housing value in your area was $246,033 in 2018,
compare this to the US average of $201,842. In 2000, there were
55,230 owner occupied housing units in your area and there were
21,478 renter occupied housing units in your area. The median rent at
the time was $746.
Source: © 2018 Experian
DEMOGRAPHICS
26
P R E S E N T E D B Y
Simon Jonna
Executive Managing Director Investments
Senior Director - National Retail Group
Detroit Office
Tel: (248) 415-2625
Fax: (248) 352-3813
License: MI 6502378181
www.TheJonnaGroup.com
27
Byron Kalia
Associate
Detroit Office
Tel: (248) 415-3010
Fax: (248) 415-2610
License: MI 6501291830