Cleveland-based Cooper Commercial Investment Group has announced the sale of Pine Ridge Square located at 1401 West Main Street, Gaylord, Mich.
The center is a 188,219 square foot regional shopping center, anchored by Hobby Lobby, Dunham’s Sports, Big Lots and Family Farm & Home. The all cash deal was sold at $4,000,000, which was approximately a 10.25 percent CAP Rate. Dan Cooper represented the owners, DDR Michigan II LLC of Beachwood, Ohio, and the buyer was directly found by Dan Cooper, a private group out of Birmingham, Mich.
Pine Ridge Square boasts a mix of high-profile national, publicly traded, credit tenants with the balance of the center being comprised of regional operators. On the crossroads of two major highways, Gaylord’s central location is convenient for tourism and business. Being the county seat, Gaylord is one of the more populated areas in northern Michigan and draws people to the area for shopping and dining from neighboring towns and cities. The featured property is located just west off of I-75, amongst many other national restaurants, hotels and retailers.
