lakeshore marketplace

Lakeshore marketplace
NORTON SHORES, MICHIGAN
Offering Summary
Shadow Anchor
M
AY
Real Estate
LAKESHORE MARKETPLACE
Exclusive Advisor:
MAY REAL ESTATE LLC
1415 W. 22nd Street, Tower Floor
Oak Brook, IL 60523
630-990-7900
mayre.com
For further information contact:
John May
Chris LaBounty
o 630-990-7979
c 630-379-4500
[email protected]
o 630-990-7997
c 630-263-2603
[email protected]
M
AY
Real Estate
LAKESHORE MARKETPLACE
The mall has a historical and current occupancy of approximately 95%.
Offering and Highlights
May Center Advisors has been retained to sell the 100% fee simple
interest in in Lakeshore Marketplace, Norton Shores, Muskegon
County, Michigan.
Shadow Anchor
■
■
■
■
■
■
■
■
■
■
■
■
Dominant peripheral regional center featuring Toys R Us, Barnes &
Noble, TJ Maxx, Gordmans, Dunham’s, Hobby Lobby, Petco, Dollar
Tree, Old Navy, DSW, Five Below, Pier 1 Imports, Cato, Loftz Furniture,
Sun Tan City, Supercuts and Paris Nails.
Shadow anchored by Target (126,800 square feet).
Located in the heart of the Muskegon-Norton Shores Regional Trade
Zone. No other significant competitive trade zones in the region.
The nearest regional trade zone is located 42 miles driving distance to
the southeast - The Woodland Mall anchored trade zone is located at
Broadmoor Avenue and 28th Street in Grand Rapids.
The subject is directly across the street from Meijer, the only significant
grocery store within a two mile radius of the property.
342,991 square feet of owned rentable area (469,791 square feet total).
The landlord is currently in lease negotiations with a tenant to occupy
the remaining vacant space and expanding it into a single 22,000
square foot suite. The new square footage will be 351,371 square feet
of owned rentable area (478,171 square feet total).
Upside potential through retenanting of Loftz Furniture and Toys R Us
suites with tenants paying market rents.
Many tenants are reporting strong to outstanding sales volumes.
The property has been maintained to an institutional level, features
several points of ingress/egress and has excellent visibility to U.S. Route
31, Sternberg Road and Harvey Street.
Will trade at a purchase price that is significantly below replacement
cost; will be delivered free and clear of debt. Given the strong tenant
lineup and sales volumes, a purchaser should be able to secure a very
attractive new financing arrangement.
Seller owns four vacant outlots in front of the property. These outlots
are not a part of the offering.
M
AY
Real Estate
LAKESHORE MARKETPLACE
TRADE ZONE Aerial
M
AY
Real Estate
LAKESHORE MARKETPLACE
Subject Aerial
M
AY
Real Estate
LAKESHORE MARKETPLACE
REGIONAL Map
AREA MAP
M
AY
Real Estate
LAKESHORE MARKETPLACE
Leasing Plan
M
AY
Real Estate