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Shopping Strip

Pine Ridge Center

24255-24299 Novi Road, Novi, MI 48375

Listing Price: $7,312,725

Cap Rate
7.90%
Gross SF
37,629
Rentable SF
37,629
Price/Gross SF
$194.34
Lot Size
4.55 acres
Year Built
1987

Investment Overview

Marcus & Millichap is pleased to present this 37,629 square-foot, Pine Ridge Center retail property in Novi, Michigan, within the Detroit MSA. The property is positioned on a 4.55-acre parcel with ample parking and the roof was replaced in 2014 and has a warranty through 2029. In 2017, the center had a major façade overhaul totalling $750,000. The center is 89.4 percent occupied by a synergistic mix of local, regional and national businesses. All tenants are operating on triple-net leases with the majority having rent increases in 2023. The asset features excellent visibility on Novi Road, which experiences over 17,444 vehicles per day. Pine Ridge Center is situated just over a mile from the major highway interchange of Interstate-96, Interstate-696, Interstate-275 and M-5, which experiences a combined 409,000 vehicles per day. Pine Ridge Center is strategically located just a mile south of the Novi Regional Trade Area that is clustered at Novi Road and Interstate-96. There is nearly 14 million square feet of retail within five miles of this asset. Notable nearby retail includes Twelve Oaks Mall, a 1.5 million square foot super-regional shopping mall with over 180 stores, Novi Town Center which contains over 75 specialty stores including Walmart, Hobby Lobby, TJ Maxx and Sierra Trading Post, as well as Fountain Walk, anchored by Emagine Theaters and Floor & Decor. The property is also located in a great demographic area with over 154,000 residents and an average household income exceeding $131,600 within five miles. There are numerous offices in the immediate area and the daytime population is 180,050 within a five-mile radius. Novi is located in Oakland County (AAA Bond Rating), the 9th wealthiest County in the US in markets of over 1 million people and is considered one of the fastest growing cities in Michigan. The surrounding area hosts over 75 percent of the state’s Asian and Asian-American population which is a major benefit to the asset due to its tenancy. There is an approved mixed-use development a mile north of the property. Sakura Novi will feature a retail and restaurant collection, professional office, a pond and gardens, and 118 residential townhome apartments. This venue, the first of its kind in Michigan and possibly the Midwest, will be an Asian-inspired village that will showcase the cultures and cuisines of Japan as well as other Asian nations. Pine Ridge Center offers an investor the opportunity to acquire an asset with upside potential, situated in an core retail market with excellent demographics.

Investment Highlights

  • 89.4 Percent Occupied by Synergistic Mix of Local, Regional, & National Businesses 100 Percent Triple-Net Leases | Most Tenants have Rent Increases in 2023
  • Major Façade Overhaul in 2017, Totaling $750,000 Newer Roof (Eight Years Old) | 15-Year Warranty
  • Strategically Positioned at the Corner of Novi Road and 10 Mile Road (37,420 Vehicles Per Day) Just Over One Mile from the Major Highway Interchange of I-96, I-696, I-275 and M-5 (409,000 VPD Combined
  • Excellent Demographics: 154,057 Residents & Average Household Income of $131,604 within a Five-Mile Radius of the Asset | Daytime Population: 180,050
  • Populous Asian Community: There are 290,000 Asians & Asian-Americans in Michigan, 220,000 of which are Living within 50 Miles of the Asset
  • Approved Mixed-Use Development Nearby
  • Core Retail Market: Nearly 14 Million Square Feet of Retail within Five Miles Twelve Oaks Mall, Fountain Walk, Novi Town Center
  • Novi is One of the Fastest Growing Cities in Michigan Oakland County has a AAA Bond Rating and is the Ninth Highest Income County in the U.S. with Populations of Over One Million People

Exclusively Listed By

Shopping Strip

Pine Ridge Center

Listing Price: $7,312,725

Cap Rate
7.90%
Gross SF
37,629
Rentable SF
37,629
Price/Gross SF
$194.34
Lot Size
4.55 acres
Year Built
1987

Investment Highlights

  • 89.4 Percent Occupied by Synergistic Mix of Local, Regional, & National Businesses 100 Percent Triple-Net Leases | Most Tenants have Rent Increases in 2023
  • Major Façade Overhaul in 2017, Totaling $750,000 Newer Roof (Eight Years Old) | 15-Year Warranty
  • Strategically Positioned at the Corner of Novi Road and 10 Mile Road (37,420 Vehicles Per Day) Just Over One Mile from the Major Highway Interchange of I-96, I-696, I-275 and M-5 (409,000 VPD Combined
  • Excellent Demographics: 154,057 Residents & Average Household Income of $131,604 within a Five-Mile Radius of the Asset | Daytime Population: 180,050
  • Populous Asian Community: There are 290,000 Asians & Asian-Americans in Michigan, 220,000 of which are Living within 50 Miles of the Asset
  • Approved Mixed-Use Development Nearby
  • Core Retail Market: Nearly 14 Million Square Feet of Retail within Five Miles Twelve Oaks Mall, Fountain Walk, Novi Town Center
  • Novi is One of the Fastest Growing Cities in Michigan Oakland County has a AAA Bond Rating and is the Ninth Highest Income County in the U.S. with Populations of Over One Million People

Investment Overview

Marcus & Millichap is pleased to present this 37,629 square-foot, Pine Ridge Center retail property in Novi, Michigan, within the Detroit MSA. The property is positioned on a 4.55-acre parcel with ample parking and the roof was replaced in 2014 and has a warranty through 2029. In 2017, the center had a major façade overhaul totalling $750,000. The center is 89.4 percent occupied by a synergistic mix of local, regional and national businesses. All tenants are operating on triple-net leases with the majority having rent increases in 2023. The asset features excellent visibility on Novi Road, which experiences over 17,444 vehicles per day. Pine Ridge Center is situated just over a mile from the major highway interchange of Interstate-96, Interstate-696, Interstate-275 and M-5, which experiences a combined 409,000 vehicles per day. Pine Ridge Center is strategically located just a mile south of the Novi Regional Trade Area that is clustered at Novi Road and Interstate-96. There is nearly 14 million square feet of retail within five miles of this asset. Notable nearby retail includes Twelve Oaks Mall, a 1.5 million square foot super-regional shopping mall with over 180 stores, Novi Town Center which contains over 75 specialty stores including Walmart, Hobby Lobby, TJ Maxx and Sierra Trading Post, as well as Fountain Walk, anchored by Emagine Theaters and Floor & Decor. The property is also located in a great demographic area with over 154,000 residents and an average household income exceeding $131,600 within five miles. There are numerous offices in the immediate area and the daytime population is 180,050 within a five-mile radius. Novi is located in Oakland County (AAA Bond Rating), the 9th wealthiest County in the US in markets of over 1 million people and is considered one of the fastest growing cities in Michigan. The surrounding area hosts over 75 percent of the state’s Asian and Asian-American population which is a major benefit to the asset due to its tenancy. There is an approved mixed-use development a mile north of the property. Sakura Novi will feature a retail and restaurant collection, professional office, a pond and gardens, and 118 residential townhome apartments. This venue, the first of its kind in Michigan and possibly the Midwest, will be an Asian-inspired village that will showcase the cultures and cuisines of Japan as well as other Asian nations. Pine Ridge Center offers an investor the opportunity to acquire an asset with upside potential, situated in an core retail market with excellent demographics.

Exclusively Listed By

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