Shopping Neighborhood
Adrian Crossroads Plaza
1416 S Main St, Adrian, MI 49221
Listing Price: $12,480,000
Investment Overview
Marcus & Millichap is pleased to present for sale, Adrian Crossroads Plaza located in Adrian, Michigan. The subject property is a 78.34 percent occupied regional shopping center that is comprised of 202,128 square feet. Adrian Crossroads Plaza is being offered for $12.48 million.
Adrian Crossroads Plaza
Investment Highlights
- 78.34 Percent Occupied, 202,128-Square-Foot Regional Shopping Center in Adrian, Michigan
- Anchored by Family Farm & Home, Staples, Planet Fitness and Harbor Freight Tools who Collectively Occupy 62 Percent of the Leased Gross Leasable Area and Contribute 46.7 Percent of EGI
- Offered with Attractive, Assumable Non- Recourse Financing – 68.7 Percent Loan to Value, 4.6 Percent Interest Rate, 6/2025 Maturity, 30-Year Amortization
- Priced Well-Below Replacement Cost at $62 per Square Foot with Cheap/Replaceable Rents Averaging $7.97 per Square Foot
- Upside via Prime Junior Box Leasing Opportunity – 27,679 Square Feet Adjacent to Planet Fitness
- Potential to Execute Parcelization/Break- Up Strategy – Offering Includes Two Large Inline Strips, Two Outparcel Strips, and Two Single-Tenant Buildings
- Offers Year One Cash-on-Cash Return of 9.7 Percent and 15.1 Percent Total Return on Existing Assumable 68.7 Percent Loan to Value Non-Recourse Financing
- 10.7 Percent Pro Forma Cap at 100 Percent Occupancy – Substantial Upside Potential Via Lease-Up of Existing 43,779-Square-Foot Vacancy Including One 28,000-Square-Foot Junior Box Unit and Seven Small- Shop Spaces Ranging from 1,500-3,500 Square Feet
Listing Price: $12,480,000
Investment Highlights
- 78.34 Percent Occupied, 202,128-Square-Foot Regional Shopping Center in Adrian, Michigan
- Anchored by Family Farm & Home, Staples, Planet Fitness and Harbor Freight Tools who Collectively Occupy 62 Percent of the Leased Gross Leasable Area and Contribute 46.7 Percent of EGI
- Offered with Attractive, Assumable Non- Recourse Financing – 68.7 Percent Loan to Value, 4.6 Percent Interest Rate, 6/2025 Maturity, 30-Year Amortization
- Priced Well-Below Replacement Cost at $62 per Square Foot with Cheap/Replaceable Rents Averaging $7.97 per Square Foot
- Upside via Prime Junior Box Leasing Opportunity – 27,679 Square Feet Adjacent to Planet Fitness
- Potential to Execute Parcelization/Break- Up Strategy – Offering Includes Two Large Inline Strips, Two Outparcel Strips, and Two Single-Tenant Buildings
- Offers Year One Cash-on-Cash Return of 9.7 Percent and 15.1 Percent Total Return on Existing Assumable 68.7 Percent Loan to Value Non-Recourse Financing
- 10.7 Percent Pro Forma Cap at 100 Percent Occupancy – Substantial Upside Potential Via Lease-Up of Existing 43,779-Square-Foot Vacancy Including One 28,000-Square-Foot Junior Box Unit and Seven Small- Shop Spaces Ranging from 1,500-3,500 Square Feet
Investment Overview
Marcus & Millichap is pleased to present for sale, Adrian Crossroads Plaza located in Adrian, Michigan. The subject property is a 78.34 percent occupied regional shopping center that is comprised of 202,128 square feet. Adrian Crossroads Plaza is being offered for $12.48 million.
