$107.6 Million Mixed-Use Office and Retail Portfolio Hits the Market in Metro Detroit
DETROIT, Feb. 22, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the exclusive listing of City Center, a 297,530-square-foot, 13-story office tower with ground-floor retail and City Center Shoppes, a six-building, 62,120-square-foot retail portfolio that includes four freestanding ground leases and two retail pads. City Center and City Center Shoppes may be purchased separately or together. City Center’s listing price is $55.8 million, and City Center Shoppes is available at $51.8 million.
“Situated in one of Michigan’s most desirable communities on the signature Big Beaver corridor, this lifestyle development emblematizes a ‘Live Work Play’ setting that the city of Troy has been missing,” said Simon Jonna, senior managing director investments in Marcus & Millichap’s Detroit office. “With eateries, office space, a new parking deck and an upcoming $100 million adjacent complex for apartment living, City Center and City Center Shoppes are like a city within a city.”
Simon Jonna and Raymond Jonna of Marcus & Millichap are representing the seller, an Orlando, Florida-based developer.
“City Center is a 90-percent occupied mixed-use office tower that has undergone extensive premium-grade interior and exterior renovations and City Center Shoppes is a newly developed, 100-percent occupied recession- and internet-resistant retail portfolio,” added Raymond Jonna.
The properties are located within Troy’s central business district at the northeast intersection of Big Beaver Road—a six-lane thoroughfare—and Crooks Road, with frontage on Big Beaver Road and excellent visibility from Interstate 75. The 1,400,000-square-foot Somerset Collection super-regional luxury shopping mall is less than a mile away.
City Center is a Class A property with two street-level restaurants currently occupied by Morton’s Steakhouse and The Melting Pot. The offering includes rights to use a new, $25 million state-of-the-art, 1,468-space parking deck that is adjacent to the building. Office tenants include Trion Solutions Inc., Babylon Restaurant Group Inc., Somerset Pain Clinic PC, and the Real Integrated advertising agency, among others.
City Center Shoppes’ synergistic mix of tenants includes Darden Restaurants’ Seasons 52 and Yard House, Shake Shack, Fidelity Bank, City Barbeque, Troy Luxury Cigar Bar, Sweetwaters Coffee and Tea, Red Effect Infrared Fitness, and Massage Green Spa, among others. All tenants are operating on long -term, corporate-backed, triple-net leases. Two of the assets have bonded 30-year term ground leases.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.