For more retail coverage, click GlobeSt.com/RETAIL.
Paul Kerber and John Nuzman, investment specialists in Marcus & Millichap's Detroit office, have the exclusive listing to market the property on behalf of a locally-based investment group. "This asset has been conservatively underwritten with respect to rental growth and offers the investor a strong up-front return with very high long-term cash flow," Kerber says. The sales price represents about $143 per sf.
Lincor Park Shopping Center is located at 2103 S. Linden Rd. More than 600,000 sf of retail and big-box tenants are located within one-half mile of the center. Neighbors immediately adjacent to the east are Lowe's, Wal-Mart, and a Sam's Club, with a Home Depot right across Corunna Road.
Lincor Park was developed from 1990 to 1995 with 74,942 rentable sf on approximately 11.5 acres. The Michigan State Police Department has leased more than 20% of the overall square footage with 10 years remaining on an original 20-year lease. Other tenants include Rite-Aidas a shadow anchor, Republic Bank, Grill India, Los Amigos, Quiznos Subs, H&R Block, State Farm Insurance and Travel Brokers.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.