Shopping Regional

Lansing Towne Center

5625 W Saginaw Hwy, Lansing, MI 48917

Listing Price: $11,883,000

Cap Rate
8.07%
Gross SF
129,625
Rentable SF
129,625
Price/Gross SF
$91.67
Lot Size
11.43 acres
Year Built
1970

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.

Investment Highlights

  • 100 Percent Occupied Shopping Center
  • National Tenancy: ALDI, Burlington, Big Lots and Chedders
  • Core Retail Corridor - Nearly Nine Million Square Feet of Retail Within Five Miles
  • Across from 750,000-Plus Square Foot Regional Mall
  • Nearby National Retail: Target, Meijer, Kroger, Kohls, Best Buy and TJ Maxx
  • More than 115,000 People Within Five Miles

Exclusively Listed By

Shopping Regional

Lansing Towne Center

Listing Price: $11,883,000

Cap Rate
8.07%
Gross SF
129,625
Rentable SF
129,625
Price/Gross SF
$91.67
Lot Size
11.43 acres
Year Built
1970

Investment Highlights

  • 100 Percent Occupied Shopping Center
  • National Tenancy: ALDI, Burlington, Big Lots and Chedders
  • Core Retail Corridor - Nearly Nine Million Square Feet of Retail Within Five Miles
  • Across from 750,000-Plus Square Foot Regional Mall
  • Nearby National Retail: Target, Meijer, Kroger, Kohls, Best Buy and TJ Maxx
  • More than 115,000 People Within Five Miles

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.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower