Swisher Commercial is pleased to exclusively represent McKinley Properties in the sale of Glencoe Crossing Shopping Center, a 93,899 square foot multi-tenant retail center in Ann Arbor, Michigan. Originally constructed in 1980/1991/1992 and remodeled in 2008 & 2014, the center has a diverse tenant mix and strong leasing history. The current occupancy is 97% consisting of twenty tenants including CitiTrends, Dollar General, Starbucks, State of Michigan, U.S. Government, The Hertz Corporation and Wright & Filippis.
Glencoe Crossing offers significant upside potential with many of the leases below market value, a current net operating income of $1.02 million, and additional land available for future development. The shopping center itself is situated on 12.9 acres with additional land parcels including: an out lot along Washtenaw Ave.; a 1.95 acre parcel (zoned FB) adjacent to the strip; and 7.7 acres (zoned PUD) of potential multi-family property to the rear of the center; all totaling 22.55 acres.
The property is located along the Washtenaw Avenue retail corridor just east of the US-23/Washtenaw Ave. interchange. Over 188,000 people reside within five miles of the center with average household income exceeding $81,000 within three miles of the site. Traffic counts are estimated to top 30,000 cars daily.
To view video footage of the property, visit: https://youtu.be/FDQA3EGD8ig
Qualified investors may obtain additional information by contacting Michael L. Jurgenson, CCIM at Swisher Commercial via email (email@example.com) to register as a bidder and execute a Confidentiality Agreement. The property will be sold on a Sealed Bid Basis with Letters of Intent being accepted through 5:00 P.M. Thursday November 1, 2018.
Brokers that represent potential purchasers may obtain information by registering their qualified prospects through Swisher Commercial. Brokers will be responsible for obtaining their fees or commissions directly from the party they represent. Co-broker fees are not available through the selling entity, nor Swisher Commercial.
For more information on this property, call Michael L. Jurgenson, CCIM, at (734)222-7525.