Press Releases
Marcus & Millichap Arranges The Sale Of A Pnc Anchored Retail Center In Jackson, Michigan
February 14, 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 Jackson, 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 long historical tenancy, attractive location next to Jackson Mall, and the site being the only PNC branch location in Jackson County gathered strong investor interest. Our marketing efforts generated multiple offers and resulted in a contract-to-close timeframe of under 60 days.”
The property consisted of 22,975 square-feet, anchored by PNC Bank. The branch reports a strong deposit base and 77 percent of the historical tenancy exceeds 14 years. The property has high visibility from Interstate-94, which experiences over 40,000 vehicles per day. The site is also within immediate proximity of a Lowe’s anchored center and Jackson Crossing, a regional shopping mall tenanted by Target, Kohl’s, TJ Maxx, and others.
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.
