Close of Escrow: Norton Shores Retail in MI

SIG is pleased to announce the recent Close of Escrow on Norton Shores Retail Center located in Norton Shores, Michigan.

Investment Highlights Include:

  • Brand New Two Tenant Retail Center – Located in the Western Michigan Community of Norton Shores
  • Ideal Tenant Line-up – 5,018 SF Retail Center is 100% Leased to an Excellent Tenant Mix Consisting of Sleep Number (Over 1,250 Stores in 41 states) and ATI Physical Therapy
  • Sleep Number (51.9% of the GLA) has Reported Sales to be 125% Over Projections Providing Confidence in the Long Term Stability of This Location
  • Strong Income Growth – Both Tenants’ Leases Have Fixed 10% Rent Increases Every 5 Years on Initial 10 Year Lease Terms and Options to Renew
  • Central Retail Corridor Location – Located in the Epicenter of the Most Active Retail Corridor of Muskegon County, Only 0.8 Miles of Interstate I-96 (39,294 Cars Per Day) and 0.5 miles from Highway 31 (47,592 Cars Per Day)

Closing Price: $1,895,000
Closing CAP:  7.68%

Listing Agents: Andy Chana, Adam Scherr and Dan Hoogesteger

For More Information Contact:

Andy Chana
Lic #01896459