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Classic Auction - Retail

Midland, MI Retail: Target, Hobby Lobby, Planet Fitness, Dunham’s Anchored | $764K NOI

6800 Eastman Avenue - Midland, MI 48642

  • Asset Type
  • Real Estate
  • Property Type
  • Retail
  • Land Area
  • 32.92 Acres
  • Year Built
  • 1991
  • Number of Floors
  • 1
  • Number of Buildings
  • 1
  • NOI
  • $764,795.00
  • Occupancy
  • 74.20%
  • Occupancy As Of
  • December 27, 2022
  • Retail Type
  • Regional Mall
  • Anchor
  • Yes
  • Anchor Tenant(s)
  • Target (Shadow), Hobby Lobby, Dunham's, Barnes & Noble, U of M MyMichigan Health (Shadow), Planet Fitness (Shadow)
  • Property Size
  • 358,827 Sq Ft

Regional Mall | $764K NOI | Value-Add Opportunity

Investment Highlights
  • STRONG IN-PLACE NOI TO BUILD UPON
  • GREAT “POWER CENTER” STYLE TENANT MIX OF NATIONAL AND LOCAL RETAILERS
  • STRONG LEASING MOMENTUM (RECENT 10-YEAR HOBBY LOBBY LEASE COMPLETED)
  • EASY ACCESSIBILITY WITH STRATEGIC POSITIONING JUST OFF OF US-10
  • UPSIDE AVAILABLE THROUGH FUTURE LEASE UP AND PUSHING BELOW MARKET RENTAL RATES
  • ALL ANCHORS WELL-TRAFFICKED AND OPERATING (HOBBY LOBBY COMING SOON)
  • OPPORTUNITY TO SPIN OFF OF HOBBY LOBBY FOR POTENTIAL PROFIT
     

Offering Details

NAI Farbman and RI Marketplace are pleased to present Midland Mall, a ±358,827 square foot regional enclosed mall on ±32.92 acres in Midland, Michigan. The property is 74% occupied with a current NOI of ±$764,795.  The existing mix of both national and local tenants provide a “power center-like” feel including Barnes & Noble, Dunham’s Sports, Hallmark and a new Hobby Lobby lease to be filling the former Younkers space.  The property benefits from strong shadow anchors such as Target, Planet Fitness, U of M MyMichigan Health. The property is located in the heart the Midland retail district, surrounded by numerous national tenants and immediate freeway access drawing shoppers from the entire region. Midland Mall provides investors with a strong, cash-flowing property and potential upside available through a soft redevelopment play.

Midland is the county seat of Midland County and part of the Saginaw-Midland-Bay City Combined Statistical Area. Midland is located in the Great Lakes Bay region of Michigan, about 80 miles north of Lansing, and has a population of approximately 42.5K. Midland is the global headquarters of two Fortune 500 companies, Dow Chemical and Dow Corning Corporation. Midland has become a center for industrial innovation including the solar energy industry and emerging technologies, and the largest industry is manufacturing. Median household income within a 1 and 3 mile radius of the Property is $102,729 and $78,975, respectively, which are both greater than the national average.
Closed
June 2nd, 2023
This asset was part of the March 30th, 2023 auction event, resulting in a successful transaction that closed in just 63 days.

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The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

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Investment Sales Broker

Transaction Manager

Auctioneer

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    Jerry Helmer

    c/o Fisher Auction Company Inc.

    License: 6504064915