Friday, October 26, 2012

11-Property Michigan Retail Portfolio Hits the Market at $18.9 Million


Seven Eleven ground lease portfolio, Michigan
 DETROIT, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing to market a single-tenant, corporate ground lease portfolio of 11 Michigan 7-Eleven locations.

            Simon Jonna, a vice president investments, and Raymond Jonna, an associate, both in Marcus & Millichap’s Detroit office, are representing the seller, a private partnership.

 “This is a rare opportunity to purchase a 100-percent occupied portfolio of 11 recently built stores with corporate-backed simple ground leases, all delivered free and clear and all located in high-traffic, high-exposure locations within densely populated areas,” Simon Jonna says.

Simon Jonna
 “The leases all carry a rating of AA- from Standard & Poor’s, and with 10 percent rent increases every five years—except for one lease that has 12.5 percent increases—plus option periods, this portfolio represents a conservative and reliable revenue stream.

“These individual locations were stringently hand-picked for performance and viable operational histories,” adds Raymond Jonna. “The occupying tenant, 7-Eleven, is on record with one of the highest lease renewal rates in the industry.”

Raymond Jonna
“This offering combines the security of quality freestanding prototypical real estate with long-term growth potential via its ground lease, the most secure form of ownership today,” Simon Jonna concludes.

The assets are strategically located in desirable markets throughout Michigan, some of which show high-income demographics and 20 percent to 40 percent population growth in recent years:


·         Howell – 2,485 square feet
         Shelby Township – 3,430 square fee
         Macomb – 3,470 square feet
·        Chesterfield – 3,000 square feet
 ·         Romulus – 4,138 square feet
·         Romulus – 2,900 square feet
·         Warren – 2,424 square feet
·         Warren – 2,174 square feet
·         Clinton Township – 3,000 square feet
·         Lenox Township – 3,215 square feet
·         Shelby Township – 2,915 square feet

 The properties are primarily hard corner or main-on-main intersections, with dominant exposure to state-recognized thoroughfares and intersections. Each site has the added functionality of on-site fuel pumps for increased drive-up traffic and revenue draw, coupled with the cachet of the 7-Eleven Convenience Stores trademark.

 Contact:

Stacey Corso
Public Relations Manager
(925) 953-1716


DoubleTree by Hilton and the New Tropicana Las Vegas Announce Strategic Partnership



New Tropicana Las Vegas
 MCLEAN, VA and LAS VEGAS, NV (Oct. 26, 2012) – DoubleTree by Hilton, Hilton Worldwide’s fastest growing full-service brand, and the New Tropicana Las Vegas today announced a strategic franchise agreement that marks the return of Hilton Worldwide to the Las Vegas Strip after an almost 14-year absence.

Under the terms of the franchise agreement, Tropicana Las Vegas will continue to own and operate all 1,600 guest rooms in the 35-acre resort, which recently completed a $200 million comprehensive transformation.

Alex Yemenidjian
When the hotel becomes the Tropicana Las Vegas – a DoubleTree by Hilton in January 2013, guests will be able to earn and redeem Hilton HHonors points and airline miles at the award-winning Strip resort, which features four restaurants, a spa, a nightclub and beach club, an entertainment complex, and a state-of-the-art conference center and exhibition hall.

 “We are thrilled to be affiliated with such a first-class organization that shares our customer-centric values, and we are honored that DoubleTree by Hilton selected us to represent their marquee brand on the Las Vegas Strip,” said Tropicana Las Vegas CEO Alex Yemenidjian. 

Rob Palleschi
“After careful consideration, we selected the Tropicana Las Vegas to represent the DoubleTree by Hilton brand on the Las Vegas Strip, not only because of the beautiful transformation of the resort, but also because of its unparalleled commitment to guest service,” said Rob Palleschi, global head of DoubleTree by Hilton.

 “We are proud that, with the addition of Tropicana Las Vegas to our portfolio, Hilton Worldwide will continue to build upon its rich history in Las Vegas, and Hilton HHonors members will have a new home on the Strip.”

DoubleTree by Hilton is renowned for its award-winning CARE culture and for its unique chocolate chip cookie welcome.

 The New Tropicana Las Vegas is not affiliated with any other Tropicana property or brand.

For additional information or for reservations, please call 702-739-2222 or visit www.troplv.com.

 For a complete copy of the company’s news release, please contact:


Maggie Giddens
Director, Global Brand Public Relations
DoubleTree by Hilton
+1 703 883 5346

 Fred Harmon
Vice President
Tropicana Las Vegas
+1 702 739 5480