Marcus & Millichap closed the sale of Holt Shopping Center, a 57,334-square-foot retail property shadow-anchored by Kroger in Holt, Michigan. The asset sold for $1.5 million.
Ashish Vakhariya, Darin Gross and Seth Haron, investment specialists in Marcus & Millichap’s Detroit office, facilitated the transaction by representing the seller.
“This was a straight-forward deal where the location and long-term shadow anchor tenant, Kroger, were the main driving factors for this transaction,” said Vakhariya, First Vice President Investments and Director, National Retail Group/Net Leased Properties Group in Marcus & Millichap’s Detroit office. “Our marketing efforts generated multiple offers and the buyer was sourced within the first 10 days on market.”
Holt Shopping Center is a multi-tenant retail property near Lansing with strong visibility on Cedar Road in a densely populated market with 5.28+ million square feet of retail within a five-mile radius. The subject property was 88% occupied and within direct proximity to the Michigan State University campus.
In the past 24 months, Vakhariya, Gross and Haron have sold or have under contract to sell, $130 million of retail and medical office investment properties throughout numerous states spanning the Midwest and beyond.