LA MIRAGE SHOPPING CENTER · 2019. 6. 13. · 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

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

[email protected]

Licenses: MI 6502378181, MI 6502381291

Byron Kalia

Associate

Net Leased Properties Group

Tel: (248) 415-3010

[email protected]

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.


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


3


4

INVESTMENT

OVERVIEW

REGIONAL MAP


5

LOCAL MAP


6


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


8

PROPERTY PHOTO


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


10

FINANCIAL

ANALYSIS


#

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


12

TENANT SUMMARY

FINANCIAL ANALYSIS


OPERATING STATEMENT

13

FINANCIAL ANALYSIS


PRICING DETAIL

14


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.


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%


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


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


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


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


* Forecast **2017-2022

24

DETROIT METRO AREA


• 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


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


▪ 2010 Census


▪ 2000 Census


▪ 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


Average (Mean) Household Size 2.17 2.25 2.38

▪ 2010 Census


▪ 2000 Census


▪ 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


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

[email protected]


www.TheJonnaGroup.com

27

Byron Kalia

Associate

Detroit Office

Tel: (248) 415-3010

Fax: (248) 415-2610

[email protected]


Documents

LA MIRAGE SHOPPING CENTER · 2019. 6. 13. · 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