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410 Marshall Street - Felpausch Food Center of Coldwater, Coldwater, MI
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410 Marshall Street - Felpausch Food Center of Coldwater
Coldwater, MI 49036
Existing , Renov 1988
4.34 AC (189,050 SF)
For Sale Price:
84 Surface spaces are available
This 40,465 square foot net-leased Felpausch Food Center anchors one end of the Fairfield Plaza and is well located in Coldwater, Michigan. The 2,394 square foot video store is a separate store on the same site. The video store tenant opted to close this store and is obligated to pay rent through June 16, 2011. This allows significant time for a landlord to locate a new tenant.
The Felpausch store is located on a well-traveled main road in a commercial district of Coldwater. Other businesses in the area include Dollar General, Monarch Community Band, Sherwin Williams, Century Bank, Baker College, and the Salon Academy.
Both leases are absolute NNN with no landlord obligation. The grocery store lease expires on June 14, 2012 and is guaranteed by Spartan Stores, Inc. (NASDAQ: SPTN), with five five-year options to renew with a five percent increase for each renewal term. The tenant, Spartan Stores, Inc. operates 88 supermarket stores in Michigan and Ohio.
Grocery Store is 40,465 sq. ft. Video Store (vacant) is 2,394 sq. ft. - Investment pricing at 12.29% cap rate - Priced under $40.00 sq. ft.
CLICK HERE TO CONTACT THE SALES BROKER
FOR SALE CONTACTS
NAI Mid-Michigan Vlahakis Commercial
(517) 487-9222 x14
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