Investment Overview

Marcus & Millichap is proud to present Belle Plaza, a 62,519-square-foot plaza that is currently 69 percent occupied and located in Niles, Michigan, ten miles north of South Bend, Indiana. The value-add investment provides opportunity for redevelopment of a seven-acre parcel at the signalized corner of M-51 (11th Street) and Bell Road, across from a newly developed Aldi. M-51 average daily traffic volume is 26,000 per day. The plaza is located at the busiest signalized intersection in Berrien County and one block from the US-12 interchange. The 7.6-acre property sits at the entry way to a retail corridor with over 1.8 million square feet of retail space within five miles. Major retailers that are also on M-51 in Niles include: Lowe’s, Walmart Supercenter, Tractor Supply Company, Rural King Supply, Anytime Fitness, a 24-Hour Walgreens, CVS, O’Reilly Auto Parts, AutoZone, Martin’s Super Market and Advanced Auto Parts. This location, being near the M-51 and SR-12 interchange, serves Buchanan and Niles, MI and the northern portion of the South Bend/Mishawaka metro area. Almost all tenants have a uniform lease that requires them to pay utilities, repairs, tenant improvements and their pro rata share of common area maintenance, taxes and insurance. However, many of the permitted pass-through expenses are not being collected; thereby providing immediate rent growth for new ownership. Alternatively, all but two of the tenant leases are intentionally short term, providing a redevelopment opportunity.