Skip to content
Homepage
  • Market
    • Illinois
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications
MichiganRetail

SRS closes $4.6 million sale of grocery sale in Detroit area

May 14, 2020
Share on Facebook Share on Twitter Share on LinkedIn Share via email

SRS Real Estate Partners’ National Net Lease Group has completed the $4.6 million sale of a single-tenant, freestanding retail property occupied by discount supermarket chain, ALDI. The 18,549-square-foot property is located at 1035 W. 14 Mile Road in Clawson, Michigan, in the Detroit submarket.

SRS’ National Net Lease Group’s Managing Principals Patrick Luther and Matt Mousavi, both based in the firm’s Newport Beach Office, represented the seller, a Texas-based real estate holdings company. The buyer, a Midwest-based private investor who was in a 1031 exchange, was represented by Frank Rogers and Michael Carter, who lead SRS’s Detroit Office as First Vice Presdents.

The closing cap rate was 5 percent, which is one of the industry’s lowest cap rates recorded for a fee simple-owned Aldi.

The property is an anchor tenant in the 130,000-square-foot Clawson Shopping Center, which includes Staples, Rite Aid and Dollar Tree. It is also well-located in a busy retail and residential area and is within a two-mile radius of Woodward Avenue and Interstate 75, which connect downtown Detroit to the northwestern suburbs.

Tags
AldiClawsonFrank RogersgroceryMatt MousaviMichael CarterMichiganPatrick Lutherretailsrs real estate partners
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
TexasIndustrial

Cresa represents Careismatic Brands in its new 1,014,254-square-foot industrial lease in Dallas

February 3, 2023
WisconsinMultifamily

CBRE brokers sale of 11-property multifamily portfolio in Milwaukee area

February 3, 2023
TexasCRE

Hartman’s Anthony Trollope named Rising Star at CPE Influence Award ceremony

February 3, 2023
TexasIndustrial

Silver Star Properties completes sale of 17.2 acres in Fort Worth

February 3, 2023

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise
© 2023 REjournals.com