Investment Overview

Marcus & Millichap is pleased to offer for sale Lansing Towne Center, a grocery anchored community center located in Lansing, the State Capital of Michigan. The property is a multi-tenant building with three national tenants and an outparcel ground lease. The 129,625-square-foot center is 100 percent occupied with all tenants operating on triple-net leases. All tenants have been located at this center for over fifteen years. Aldi will be undergoing a store expansion and complete store remodel and have extended their lease for ten years. Burlington , Big Lots and Cheddars (Darden Restaurants) have all recently exercised five-year options.

Lansing Towne Center is located within the dominant retail hub of the market with nearly nine million square feet of retail within a five-mile radius. The property is across the street from the Lansing Mall, a 750,000-square-foot regional mall and adjacent to Target and Meijer. Other notable retailers include Kroger, Kohls, Best Buy and TJ Maxx to name a few. There is little competition on the western edge of the Lansing market and occupancies are strong. As the State Capiral, Lansing is a core, long term market. The economy in the Lansing-East Lansing MSA employs nearly 285,000 people and is anchored by state government and Michigan State University. The largest industries include Educational Services (33,940 people), Heath Care & Social Assistance (29,914 people), and Manufacturing (26,800 people). From 2017 to 2018, employment in the Lansing-East Lansing MSA grew at a rate of 2.02 percent, from 233k employees to 237k employees.

Lansing Towne Center is an excellent opportunity to acquire a center anchored by dominant national tenancy situated in a core retail market.