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ERG Sells Joe's Crab Shack in Ann Arbor, MI Triple Net Lease

ERG Property Advisors would like to announce the sale of a Joe's Crab Shack in Ann Arbor, MI.   The tenant has an absolute triple net lease for a 7,945 SF building on a 142,454 SF lot. The property sold for $1,915,000 which represents a cap rate of 10.36%. Andrew Greenberg, Director of Investment Sales for ERG Property Advisors represented the buyer and Jacqueline Barret of Marcus & Millichap represented the seller.

The tenant has a NNN lease with 19 years remaining. The lease commenced on March 15, 2007. There are 10% increases every 5 years. The property has an attractive cap rate of 10.0% and absolutely no landlord responsibilities.  Joes Crab Shack is an established, nationally recognized chain of casual seafood restaurants providing high-energy environment and serving a variety of sea food and non-seafood dishes.  The lease is guaranteed by Joes Crab Shack Holdings, INC. who operates all 120 Joe's Crab Shacks. This Joe's Crab shack is located on Lohr Road in the heart of Ann Arbor, Michigan less than a mile from the University of Michigan. 
 
 
About ERG Property Advisors
ERG Property Advisors is a full-service commercial real estate brokerage company based in New York City. Its core activities are investment sales, retail leasing, and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles.  Visit www.ergpa.com for recent deals and press coverage.

 



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