Retail V Michigan

Marcus & Millichap sells 151,000-square-foot retail center near Detroit

Marcus & Millichap sells 151,000-square-foot shopping center,ph01

The Patton|Wiles|Fuller group of Marcus & Millichap closed the sale of White Lake Commons, a 151,201-square-foot grocery-anchored community shopping center in Clarkston, Michigan.

The asset sold for $8.1 million.

Craig Fuller, Erin Patton and Scott Wiles, senior vice presidents and senior directors with Marcus & Millichap’s national retail group, had the exclusive listing to market the property on behalf of the seller, a publicly traded REIT.

Regional manager of Steven Chaben of Marcus & Millichap’s Detroit office, assisted in closing the transaction.

After several offers, a local private buyer was selected. The buyer placed a $500,000 hard-money deposit at the signing of the contract. The buyer secured new bank finacing at closing.

White Lake Commons is located about 35 miles northwest of downtown Detroit. The property is anchored by Neiman’s Family Market, which occupies 45,000 square feet. The tenant roster also includes CVS, Office Depot, Anytime Fitness, Enterprise Rent-A-Car, the UPS Store and Wendy’s.