Retail V Michigan

Marcus & Millichap group sells Michigan shopping centers

Marcus & Millichap group sells Michigan shopping centers,ph01

The Patton|Wiles|Fuller Group of Marcus & Millichap, based in Cleveland and Columbus, closed the sale of Beacon Square Shopping Center and Grand Haven Shopping Center, a 91,815-square foot retail shopping center portfolio located in Grand Haven, Michigan.

Steven Chaben, regional manager and broker of the firm’s Detroit office, assisted in closing this transaction.

The assets sold for a combined price of $14.943 million.

C.J. Jackson, a Senior Associate, and Scott Wiles, Erin Patton and Craig Fuller, Senior Vice Presidents and Executive Directors with Marcus & Millichap’s National Retail Group, had the exclusive listing to market the property on behalf of the seller, a private REIT. The buyer, an out-of-state fund, was also secured and represented by Jackson, Wiles, Patton and Fuller. The buyer assumed the existing 54 percent LTV CMBS debt at closing that matures in January of 2024.

Beacon Square and Grand Haven Shopping Centers are located at 840 Jackson Street and 402-462 & 518-628 N. Beacon Blvd. in Grand Haven. The properties are shadowed by Home Depot and were about 97 percent occupied at the time of sale. Tenants include Advance Auto Parts, Dollar Tree, Great Clips, Hallmark, O’Reilly Auto Parts, Staples, Starbucks, Verizon and West Marine among others.

Year to date, the Patton | Wiles | Fuller Group has either sold, or put under agreement, $350 million of retail investment property throughout numerous states spanning the Midwest and beyond.