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Anatomy of a Lease: Family Dollar

Image: JHVEPhoto/Adobe Stock

Family Dollar signed a gross lease for an inline space in what will be a totally renovated strip mall that is part of a larger redevelopment of the Village Plaza in Warren. Expected to open by late 2022, Family Dollar will be in a parcel with six other tenants, including Hall of Fame Billiards, a local pool hall/restaurant and bar. Additional co-tenants in other parcels within the strip mall space will include Anytime Fitness, Dunkin/Baskin-Robbins, Dave’s Hot Chicken, The HoneyBaked Ham Co. Express, Matrix Pharmacy and the True Chic Beauty salon suites. Two additional pad sites are expected to be built as part of this renovation.

Rendering photo provided by Michael Murphy of Gerdom Realty & Investment.

The property, originally built in 1957 and which last underwent a remodeling in 1994, wasn’t in turnkey condition and needed significant upgrades. Because of this, the economics of the deal required a higher rent to overcome the new costs of construction. The landlord will be providing Family Dollar with a white box at delivery.

Tenant: Family Dollar
Location: Warren, Mich.
Square Footage: 10,500 s.f.
Developer/Owner: Shango Enterprise Group
Property Type: Strip Mall Center

The location appealed to Family Dollar as it helped to fulfill a gap in the brand’s market coverage. Also, Village Plaza has ample parking, easy access and great monument signage. Plus, the strip mall is centrally located in the greater Detroit metro market on the intersection of Mound Road, a major north-south thoroughfare with over 115,000 vehicles per day. The site is in a densely populated residential area: within three miles there are 97,000 people with an average household income of $59K. In addition, the General Motors Tech Center, home to 21,000 GM employees, is located kiddie-corner to the strip mall. The immediate market is seeing a lot of new developments including the Warren Town Center, a mixed-use development located two miles away from the site, that will include upscale hotel, retail, office, apartments and condos.

Tenant Representation:
Landmark Commercial Real Estate Services
30500 Northwestern Highway, Suite 200
Farmington Hills, MI 48334
Scott Sonenberg, Director
(248) 488-2620
ssonenberg@landmarkcres.com

Property Representation:
Gerdom Realty & Investment
640 Griswold St., Suite 100
Northville, MI 48167
Michael Murphy
(248) 242-6766
mmurphy@gerdomrealty.com

Bill McLeod
(248) 242-6766
bmcleod@gerdomrealty.com

Picture of Linda Frabl

Linda Frabl

Frabl is the former editor and reporter of Crittenden’s Retail Tenants Report. She has several years of experience in publishing including stints as a freelance writer, managing editor, copy editor and as an editor-in-chief for two Los Angeles County-based lifestyle magazines. She has worked for Crittenden Research since 2018. She has a degree in English from the University of California, Santa Barbara, and resides in San Diego.

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