22134 Woodward Ave
Ferndale, MI 48220
Retail Property For Sale

Fortis Net Lease is pleased to present the opportunity to acquire a new Caribou Coffee drivethru asset located at 22134 Woodward Avenue in Ferndale, Michigan. This highly visible and well-located property is situated along Woodward Avenue—one of Metro Detroit’s most prominent commercial thoroughfares—just minutes from downtown Ferndale, Royal Oak, and Birmingham, and roughly 10 miles north of downtown Detroit. The immediate area benefits from strong traffic counts, dense residential population, and a vibrant mix of national and local retailers, making it an ideal location for a modern, convenience-driven coffee concept.
The property features approximately 2,200 square feet on a 0.39-acre parcel. It includes a dedicated drive-thru lane, outdoor seating area, and designated rapid pick-up (RPU) parking. The tenant, Bread of Life, LLC, operates under a Caribou Coffee franchise agreement and benefits from strong brand recognition and corporate oversight via a Franchisor Addendum, which grants Caribou Coffee Development Company, Inc. rights to step in and cure lease defaults or assume operations if necessary. This corporate tie in adds stability and enhances the security of the cash flow.
The lease structure is NN+, with the tenant responsible for all property expenses including taxes, insurance, utilities, and all maintenance obligations (HVAC, landscaping, and parking lot), leaving the landlord only responsible for the roof and structural components. Base rent begins at $88,000 annually with scheduled 10% increases every five years, including during each of the three five-year renewal options. Rent commenced in mid-2023, so the lease is still in its early stages.
Ultimately, this offering represents an ideal opportunity for investors seeking passive, inflation-hedged income backed by a recognizable brand in an irreplaceable location.