Shopping Community

Harbor Freight Retail Center

4832 W Saginaw Hwy, Lansing, MI 48917

Listing Price: $2,190,000

Cap Rate
8.57%
Gross SF
28,133
Rentable SF
28,133
Price/Gross SF
$77.84

Investment Overview

Marcus & Millichap is pleased to offer for sale this Harbor Freight anchored strip center located in Lansing, the State Capital of Michigan. The property is a 28,133 square foot multi-tenant building that is currently 95 percent occupied. The anchor tenant, Harbor Freight, has been a tenant at this center for over seventeen years and Alro Steel for nearly ten years. The Mexican Restaurant recently relocated to this center from another location in the marketplace. All tenants are considered essential business tenants. Additionally, there is upside potential with the possibility to create an outparcel and/or add on to the existing center. The property is in good condition with a new roof as of 2016.

The 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 in directly proximity to the Lansing Mall, a 750,000 square foot regional mall and across the street from Target and Meijer. Other notable retailers include Kroger, Kohl's, Best Buy, Aldi, Big Lots 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 Capital, 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%, from 233k employees to 237k employees.

The Harbor Freight Center is an excellent opportunity to acquire a center occupied by strong performing tenancy situated in a core retail market.

Investment Highlights

  • Core Retail Corridor - Nearly 9 Million Square Feet of Retail Within Five Miles
  • Within Direct Proximity to 750,000+ Square Foot Region Mall
  • Currently Eighty-Nine Percent Occupied by Strong, Long-Term Tenants
  • All Tenants are Considered Essential Business Tenants
  • Upside Potential with Additional Development Opportunities
  • Nearby National Retail: Target, Meijer, Kroger, Kohl's, Aldi, Big Lots & Best Buy

Exclusively Listed By

Shopping Community

Harbor Freight Retail Center

Listing Price: $2,190,000

Cap Rate
8.57%
Gross SF
28,133
Rentable SF
28,133
Price/Gross SF
$77.84

Investment Highlights

  • Core Retail Corridor - Nearly 9 Million Square Feet of Retail Within Five Miles
  • Within Direct Proximity to 750,000+ Square Foot Region Mall
  • Currently Eighty-Nine Percent Occupied by Strong, Long-Term Tenants
  • All Tenants are Considered Essential Business Tenants
  • Upside Potential with Additional Development Opportunities
  • Nearby National Retail: Target, Meijer, Kroger, Kohl's, Aldi, Big Lots & Best Buy

Investment Overview

Marcus & Millichap is pleased to offer for sale this Harbor Freight anchored strip center located in Lansing, the State Capital of Michigan. The property is a 28,133 square foot multi-tenant building that is currently 95 percent occupied. The anchor tenant, Harbor Freight, has been a tenant at this center for over seventeen years and Alro Steel for nearly ten years. The Mexican Restaurant recently relocated to this center from another location in the marketplace. All tenants are considered essential business tenants. Additionally, there is upside potential with the possibility to create an outparcel and/or add on to the existing center. The property is in good condition with a new roof as of 2016.

The 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 in directly proximity to the Lansing Mall, a 750,000 square foot regional mall and across the street from Target and Meijer. Other notable retailers include Kroger, Kohl's, Best Buy, Aldi, Big Lots 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 Capital, 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%, from 233k employees to 237k employees.

The Harbor Freight Center is an excellent opportunity to acquire a center occupied by strong performing tenancy situated in a core retail market.

Exclusively Listed By

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