Marcus & Millichap Real Estate Investment Services recently arranged the sale of the Telegraph Plaza Portfolio, a three-property multi-tenant retail portfolio located in Monroe, Mich., to Cole Real Estate Investments. The sale price is $12.9 million, equal to $91 a square foot, which is the largest retail sale by dollar volume to take place in Michigan so far in 2011.
Ashish Vakhariya, a senior associate in the Detroit office of Marcus & Millichap, represented the seller, a national developer, and worked with Scott Holmes of Cole Real Estate in closing this transaction.
“When marketing this portfolio, it was apparent that investors are actively seeking core retail assets with quality long-term tenants,” says Vakhariya. “Given the strength of the tenant line-up, the property generated interest from both local and out-of-state investors alike. In the end, several private and institutional investors presented offers on these stabilized multi-tenant assets.”
The 141,935-square-foot center was newly constructed in 2006, and has a list of credit tenants including Kohl’s, TJ Maxx and PetSmart. All tenants have long-term leases in place, and overall occupancy is 92 percent.