Press Releases
Marcus & Millichap Arranges The Sale Of A Family Fare Supermarkets & Tj Maxx Anchored Retail Center In Hastings, MI
January 5, 2023Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Hastings Center, a 186,230-square foot multi-tenant retail property located in Hastings MI, according to Steven Ross Chaben, regional manager of the firm’s Detroit office. The asset sold for $15,913,000.
Ashish Vakhariya, Seth Haron, and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office, along with Craig Fuller, Scott Wiles, Erin Patton, and Jared Shapiro in the Columbus and Cleveland offices, facilitated the transaction on behalf of the buyer and seller. “The shopping center was 91 percent occupied and anchored by Family Fare Supermarkets, TJ Maxx, and Family Farm & Home each operating on long-term leases.” says Ashish Vakhariya, First Vice President Investments & Director, National Retail Group/Net Leased Properties Group. “Key drivers included national tenancy, attractive weighted average lease term, tenant improvements, high Placer.ai traffic rankings, and upside potential through future lease-up. Our marketing efforts created a competitive bidding process resulting in multiple offers & closing with an out-of-state buyer.”
In the past twenty-four months, Ashish Vakhariya, Seth Haron, and Darin Gross have sold or have under contract to sell, $175.6 Million of retail and medical office investment properties throughout numerous states spanning the Midwest and beyond.
