Investment Overview

Marcus & Millichap is pleased to offer for sale Centre Square Retail Center, a two-building retail property located at 7894 Oakland Drive in Portage, Michigan. The 18,745 square-foot center is comprised of 10 suites and is currently 100 percent occupied by a diverse, synergistic mix of tenants and a weighted average lease term of 4.42 years. The smaller suite sizes are highly desirable and easy to backfill, providing security and low risk for a future investor. Most tenants operate on gross leases at below-market rents, offering significant upside potential. Additionally, the majority of leases include annual rent increases of two to three percent, contributing to an increasing NOI over time. The landlord has recently invested in the property by replacing the rooftop HVAC units on both buildings, providing long-term operational reliability and reduced capital expenditure for future ownership. Centre Square is well positioned at a lighted intersection of W Centre Avenue (26,490 VPD) and Oakland Drive (29,460 VPD). The property benefits from its proximity to residential neighborhoods and direct access from Centre Avenue to US-131 (64,907 VPD), providing excellent connectivity and convenient access for local residents. This prime location is near a robust retail trade area anchored by major retailers such as Walmart, Sam’s Club, Meijer, Target, Best Buy, Home Depot, and many others. Portage is a thriving city in Kalamazoo County, renowned for its balance of vibrant urban amenities and strong community values. The city offers a dynamic living environment with well-maintained neighborhoods, affordable housing, and low taxes. Portage is home to the largest retail center in Southwest Michigan, drawing shoppers from across the region. The area also hosts major employers, including Stryker and Pfizer, which contribute significantly to the local economy. Portage’s proximity to Kalamazoo, a hub for education, healthcare, and culture in Southwest Michigan, further enhances its appeal. Kalamazoo is home to Western Michigan University, Bronson Methodist Hospital, and a vibrant arts and entertainment scene. The area features a population of over 86,000 residents and an average household income exceeding $98,000 within a five-mile radius. The strong daytime population underscores the area’s job retention and economic stability.