Shopping Neighborhood

Monroe Shopping Center

850 S Monroe St, Monroe, MI 48161

Listing Price: $4,300,000

Cap Rate
8.08%
Gross SF
57,184
Rentable SF
57,184
Price/Gross SF
$75.20
Lot Size
5.00 acres
Year Built
1955

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale, Monroe Shopping Center located in Monroe, Michigan. Monroe Shopping Center is a 57,184-square-foot Kroger shadow-anchored community shopping center that is currently 72 percent occupied. There are sustained rents in the range of $14-$18 per square foot triple-net lease for small-ship units from 1,000 to 2,000 square feet which demonstrates the desirability and demand for small-shop space in the center.

Investment Highlights

  • 72 Percent Occupied, 57,184-Square-Foot Kroger Shadow-Anchored Community Shopping Center in Monroe, Michigan (Detroit MSA)
  • Kroger (NAP) is Leased Thru April 2034 – Reliable Long- Term Shadow Anchor and Highly Successful Store Reporting Sales of Over $45 Million in 2019 - $558 Per Square Foot
  • High-Yield Value-Add Opportunity Priced Below Replacement Cost at $75 Per Square Foot
  • Significant Upside Opportunity - Potential to Subdivide into Smaller Units
  • Majority of Gross Leasable Area is Leased to National Tenants – Dollar Tree, Fresenius Kidney Care, Once Upon a Child, Metro PCS, Great Clips and H&R Block
  • All Current Tenants Subject to Pro Rata Triple-Net Leases, Fully Reimbursing for Landlord Operating Expenses
  • Dollar Tree Occupies 21 Percent of Gross Leasable Area on Triple-Net Lease Thru 2026 – Recent Five-Year Extension
  • Fresenius Just Early-Extended Lease for Five Years with Seven and a Half Percent Rent Increase – Occupies 15 Percent of Gross Leasable Area Thru 2026

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

Shopping Neighborhood

Monroe Shopping Center

Listing Price: $4,300,000

Cap Rate
8.08%
Gross SF
57,184
Rentable SF
57,184
Price/Gross SF
$75.20
Lot Size
5.00 acres
Year Built
1955

Investment Highlights

  • 72 Percent Occupied, 57,184-Square-Foot Kroger Shadow-Anchored Community Shopping Center in Monroe, Michigan (Detroit MSA)
  • Kroger (NAP) is Leased Thru April 2034 – Reliable Long- Term Shadow Anchor and Highly Successful Store Reporting Sales of Over $45 Million in 2019 - $558 Per Square Foot
  • High-Yield Value-Add Opportunity Priced Below Replacement Cost at $75 Per Square Foot
  • Significant Upside Opportunity - Potential to Subdivide into Smaller Units
  • Majority of Gross Leasable Area is Leased to National Tenants – Dollar Tree, Fresenius Kidney Care, Once Upon a Child, Metro PCS, Great Clips and H&R Block
  • All Current Tenants Subject to Pro Rata Triple-Net Leases, Fully Reimbursing for Landlord Operating Expenses
  • Dollar Tree Occupies 21 Percent of Gross Leasable Area on Triple-Net Lease Thru 2026 – Recent Five-Year Extension
  • Fresenius Just Early-Extended Lease for Five Years with Seven and a Half Percent Rent Increase – Occupies 15 Percent of Gross Leasable Area Thru 2026

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale, Monroe Shopping Center located in Monroe, Michigan. Monroe Shopping Center is a 57,184-square-foot Kroger shadow-anchored community shopping center that is currently 72 percent occupied. There are sustained rents in the range of $14-$18 per square foot triple-net lease for small-ship units from 1,000 to 2,000 square feet which demonstrates the desirability and demand for small-shop space in the center.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

MM Texture Background
MM Textured Background Lower