docwest acres commons - Landmark Investment Sales
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west acres commons - Landmark Investment Sales
WEST ACRES COMMONS Flint Township, Michigan 95,139 SF OVERVIEW Landmark Investment Sales is pleased to present the opportunity to acquire West Acres Commons, a 95,139 SF value-add neighborhood center with 65,000 SF vacant in Flint Township, MI (Flint MSA). The center offers investors in-place NOI of $646,000 during the two year redevelopment period. West Acres Commons was originally developed for Farmer Jack (A&P), and subsequently leased to VG’s Supermarket (Spartan Stores) through 8/31/2018. The center is located in the 4.9M SF Corunna Road-Miller Road-Linden Road retail trade area. The Former VG’s space (59,889 SF) is one of the only remaining box spaces in the trade area (less than 4% vacancy). KEVIN J. BAKER DANIEL H. KUKES LOUIS J. CIOTTI SCOTT J. LANDERS Principal Principal Associate Associate -------------------------- -------------------------- -------------------------- -------------------------- kbaker@landmarkcres.com (248) 488-2620 dkukes@landmarkcres.com (248) 488-2620 lciotti@landmarkcres.com (248) 488-2620 slanders@landmarkcres.com (248) 488-2620 27995 Halsted Road, Suite 150 Farmington Hills, MI 48331 Phone: (248) 488-2620 landmarkinvestmentsales.com WEST ACRES COMMONS Flint Township, Michigan 95,139 SF AVAILABLE BOX 27995 Halsted Road, Suite 27995150 Halsted Road, Suite 150 Farmington Hills, MI 48331 Farmington Hills, MI 48331 Phone: (248) 488-2620 landmarkinvestmentsales.com WEST ACRES COMMONS Flint Township, Michigan 95,139 SF INVESTMENT HIGHLIGHTS IN-PLACE NOI West Acres Commons has in-place NOI of $646,000 which allows investors the time necessary to execute a redevelopment strategy and re-tenant the center. RETAILER INTEREST Despite recent press, retailer sales in the Flint-Genesee Valley Mall trade area are above average. In the past several years, there has been multiple new retail development and several more planned. The Retailer Void Analysis demonstrates a multitude of tenant scenarios for the re-positioning of West Acres Commons. LOCATION West Acres Commons is a 95,089 SF value-add neighborhood center with 65,000 SF vacant in Flint Township, MI (Flint MSA). Located at the northwest quadrant of Corunna Rd (18,900 CPD) and Linden Rd (18,603 CPD) in Flint Township, five miles west of the City of Flint. The center is west of I-75 highway (69,700 CPD). This is a solid location for value retailers which desire close proximity to the Miller Road regional retail corridor. ROBUST TRADE AREA There are over 4.9 million square feet of retail space in the Corunna Road-Miller Road-Linden Road trade area. Nearby retailers include: the Genesee Valley Mall (1.3M SF), Walmart, Sam’s Club, Home Depot, Kroger, Lowe’s, Rite Aid, Aldi, Target, Bed Bath & Beyond, Kohl’s, Michaels, TJ Maxx, and Babies ‘R Us, to name a few. Of the over 4.9 million square feet of retail real estate, less than 4% is vacant. SUMMARY OF PRIMARY TENANTS TENANT SF EXPIRATION VG’s Foods (dark) 59,889 8/31/2018 Hallmark 5,000 2/28/2018 ELGA C.U. 6,000 1/31/2019 Hong Kong Buffet 5,000 9/30/2017 VIDEO PROPERTY INFORMATION Address: 5080 W. Corunna Rd Flint Twp, MI Size: 95,139 SF Occupancy: 30.53% In-Place NOI: $646,458 Pricing: $6,000,000 (10.77% cap) Price Per SF: $63.06/SF Click the link to watch drone video footage of this property: https://vimeo.com/159802825 27995 Halsted Road, Suite 27995150 Halsted Road, Suite 150 Farmington Hills, MI 48331 Farmington Hills, MI 48331 Phone: (248) 488-2620 landmarkinvestmentsales.com WEST ACRES COMMONS Flint Township, Michigan 95,139 SF TRAVERSE CITY GRAND RAPIDS FLINT LANSING DETROIT ANN ARBOR KALAMAZOO JACKSON DEMOGRAPHICS RADIUS Population Density Average Household Income 1 MILE 3 MILE 5 MILE 4,136 38,009 108,847 $45,473 $50,564 $44,599 KEVIN J. BAKER DANIEL H. KUKES LOUIS J. CIOTTI SCOTT J. LANDERS Principal Principal Associate Associate -------------------------- -------------------------- -------------------------- -------------------------- kbaker@landmarkcres.com (248) 488-2620 dkukes@landmarkcres.com (248) 488-2620 lciotti@landmarkcres.com (248) 488-2620 slanders@landmarkcres.com (248) 488-2620 27995 Halsted Road, Suite 150 Farmington Hills, MI 48331 Phone: (248) 488-2620 landmarkinvestmentsales.com
