Edgewood Towne Center | Target & Menards Shadowed | Lansing, MI

Investment Highlights

• ±85,757 SF value-add shopping center located in the heart of Lansing, Michigan’s south retail corridor
• ±83% occupied by a mix of national tenants including Five Below, Dollar Tree, Office Max, Lumber Liquidators, T-Mobile, Sally Beauty, and Great Clips
• Adjacent to Target, Menards, Gordon Food Service, and Stock & Field
• 0.95 acre outparcel development land included in the sale!
• Strong recent leasing activity| multiple lease renewals | Five Below signed a new 10-year lease in 2019
• ±14,500 SF available for immediate lease up (5 units)
• Strategically located ±10 minutes from both the State of Michigan’s capital and Michigan State University (50,000+ students)
• Situated along Edgewood Blvd (±21,500 VPD), directly north of the heavily trafficked I-96 (±90,000 VPD)
• ±550,000 people reside within the Lansing MSA with avg household incomes of $81,000/year

Offering Summary

Friedman Real Estate and RealINSIGHT Marketplace are pleased to offer for sale, Edgewood Towne Center, an 85,757 square-foot shopping center located in Lansing, MI (the “Property”). Edgewood is currently ±83% occupied by a mix of national retailers including Five Below, Dollar Tree, Office Max, Lumber Liquidators, Cato, T-Mobile, Sally Beauty, and Great Clips. The Property is shadow anchored by Target and Menards, and also features a .95 acre parcel for future outparcel development (located at the hard corner of Edgewood Blvd and American Rd.)

Edgewood Towne Center has experienced strong recent leasing momentum with ±43,000 feet of leasing activity in the last 18 months, including 27,500 SF via renewals of existing tenants (Dollar Tree, Lumber Liquidators, Labor Ready, Cato, and Great Clips).  Five Below entered into a new 10-year lease of 8,500 SF at the Property, which commenced in August 2019. The Property also offers an investor an immediate value-add opportunity to substantially increase the gross income via lease-up of the remaining 14,500 SF of vacant space (5 units).

Lansing is the capital of the State of Michigan, with an MSA spanning ±550,000 residents. The Lansing metropolitan area, colloquially referred to as "Mid-Michigan", is an important center for educational, cultural, governmental, commercial, and industrial functions. Neighboring East Lansing is home to Michigan State University, a public research university with an enrollment of more than 50,000. The area features two medical schools, one veterinary school, two nursing schools, and two law schools. Lansing is also home to the state Supreme Court, the Court of Appeals, a federal court, the Library of Michigan and Historical Center, and headquarters of four national insurance companies.

Financing Available

Please contact the Friedman team for details.