FamilyFare Anchored Shopping Center

Shopping Center for Sale
Catylist Listing ID: 30178810
Property Subtypes: Grocery-Anchored, Neighborhood Center
Building Size (RSF): 97,189 SF
Gross Building Area: See Agent
Sale Price: $6,000,000
Unit Price: $61.74 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 9.35%
Last Updated: 12/13/2017

Overview / Comments

NAI Wisinski has been retained as exclusive sales broker for Ottawa Village Shopping Center, a 97,189 square foot center in Holland, Michigan. Highlights of this opportunity are as follows:
- Strong existing NOI of approximately $561,006, with value-add opportunity
- State of the art Family Fare Supermarket with drive-through pharmacy and a Starbucks Coffee on a long term lease. Contemporary store facade with recent capital improvements. Family Fare Gas Station (non-owned) also acts as a draw to the site.
- Top area employers include Herman Miller, Haworth, Johnson Controls, LG Chem, Tiara Yachts, and Kraft Heinz. Ottawa County boasts a stable and diverse economy, with unemployment at approximately 4%.
- Ability to acquire deal well below replacement cost
- Little deferred maintenance. Parking lot and roof are in excellent condition

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Ottawa
Tax ID/APN: 70-16-07-360-014
Zoning: COMMERCIAL

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,557 41,287 90,520
Median Age: 33.08 34.86 36.42
Households: 2,510 13,887 32,740
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