Marcus & Millichap Real Estate Investment Services recently arranged the sale of three Kmart-anchored Midwestern shopping centers totaling 491,600 square feet. Terms of the sale were not disclosed.
Marcus & Millichap sold Shawano Plaza, Charlevoix Commons and Plymouth Commons. Shawano Plaza is located Shawano, Wis. Charlevoix Commons is in Charlevoix, Mich. And Plymouth Commons is in Plymouth, Wis.
Kyle Matthews a vice president investments, and Mike James, an associate, both in Marcus & Millichap’s Encino, Calif., office and Simon Jonna, a vice president investments in the firm’s Detroit office, exclusively sold the assets on behalf of Agree Realty Corp. Jason Ladner and Jeffrey Rowlett, vice presidents investments in the firm’s Milwaukee office, and Richard O’Connor, an associate in Detroit, also provided representation.
“Marcus & Millichap’s extensive nationwide brokerage network and our corporate culture of knowledge and information sharing were key factors in assisting Agree with the disposition of these assets,” says Matthews. “The extensive marketing program we implemented brought forth exactly the right buyers.”
Shawano Plaza is an 11-tenant retail center co-anchored by grocer Pick ‘n Save. Other tenants are JC Penny, Dollar Tree, Maurices, Check ‘n Go, H&R Block and several medical office tenants.
Charlevoix Commons is the largest retail development in Charlevoix. National nameplate brands, including the Kmart anchor, occupy nearly 70 percent of the GLA. Other tenants include Family Farm & Home, Dollar Tree, Radio Shack and Northern Sports Medicine.
