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
310.853.1316
andy@SIGnnn.com
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