1204 N State St - Supermarket FOR SALE


Gladwin, MI 48624
$4,720,000 USD
646-838-3000
1204 N State St, Gladwin, MI for Sale
$4,720,000 USD
Supermarket - FOR SALE
1/12
null | 8.25% Cap Rate

1204 N State St
Gladwin, MI 48624


OVERVIEW

Gladwin Center is anchored by a strong performing Family Fare supermarket that has been operating as a grocery store at this site since 1969. Family Fare recently extended their lease for 10 years, demonstrating their long-term commitment to the shopping center. More than 70% of the shopping center is leased to national, credit-rated tenants including SpartanNash (Nasdaq:SPTN) and Advance Auto Parts (NYSE:AAP). Merchandise Outlet has a long operating history at this property dating back to 2000. Potential upside through leasing up 1,725 SF of vacant retail space and developing the outpad. Merchandise Outlet and 989 Furniture and Mattress pay below market rents and have limited renewal options. Adjacent 10.01 AC land parcel is available for purchase separately. Contact broker to learn more. Landlord has invested nearly $75,000 in capital improvements over the past four years including exterior façade painting, HVAC replacements, and general upkeep of parking lot and roofing systems. Property is location in a Qualified Opportunity Zone

FOR SALE DETAILS

PRICE

$4,720,000 USD

PRICE/SF

$188 USD /SF

CAP RATE

8.25%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Gladwin Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Supermarket

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1970

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

15.06 AC

LAND SF

656,014 SF

ZONING

C-2

APN/PARCEL ID

170-631-300-004-10

ASK ABOUT THIS PROPERTY

Michael CleemanCleeman Realty Group LLCMore Info
646-838-3000

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Michael CleemanCleeman Realty Group LLCMore Info
646-838-3000

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.