Press Releases
Marcus & Millichap Arranges The Sale Of 60,000 Square-foot Retail Center In Sterling Heights, Michigan
January 31, 2022Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a retail shopping strip center located in Sterling Heights, MI, according to Steven Ross Chaben, regional manager of the firm’s Detroit office.
Darin Gross, Ashish Vakhariya, and Seth Haron, investment specialists in Marcus & Millichap’s Detroit office, facilitated the transaction on behalf of the buyer and seller. “The center’s upside potential and attractive location within a core retail corridor gathered strong interest. Our marketing efforts generated multiple offers and resulted in a non-refundable deposit on day one, with a contract-to-close timeframe of under 30 days.”
The property consisted of 59,396 square-feet, anchored by a craft mall tenant leasing at below market rent. National tenants include Dollar General, Jimmy John’s and Paul Mitchell the School. The property is ideally positioned at the intersection of Van Dyke Avenue and 18 Mile Road (66,000 VPD combined) in Sterling Heights, which is the second largest suburb in Metro Detroit. The site is also within immediate proximity of the Ford Motors Electric Powertrain Center, which employs 1,050 people.
In the past twenty-four months, Darin Gross, Ashish Vakhariya, and Seth Haron have sold or have under contract to sell, $143 Million of retail and medical office investment properties throughout numerous states spanning the Midwest and beyond.
