Shopping Neighborhood
Adrian Crossroads Plaza
1416 S Main St, Adrian, MI 49221
Listing Price: $12,085,000
Investment Overview
Marcus & Millichap is pleased to present for sale, Adrian Crossroads Plaza located in Adrian, Michigan. The subject property is a 76 percent occupied regional shopping center that is comprised of 202,228 square feet. Adrian Crossroads Plaza is being offered for $12,085,000.
Adrian Crossroads Plaza
Investment Highlights
- 76 Percent Occupied, 202,228-Square Foot Regional Shopping Center in Adrian, Michigan
- Anchored by Family Farm and Home, Staples, Planet Fitness and Harbor Freight Tools who Collectively Occupy 64 Percent of the Leased Gross Leasable Area and Contribute 46.7 Percent of EGI
- Offered with Attractive, Assumable Non-Recourse Financing – 69.34 Percent Loan to Value, 4.6 Percent Interest Rate (6.15 Percent Loan Constant), 6/2025 Maturity, 30-Year Amortization
- Priced Well-Below Replacement Cost at $60 per Square Foot with Cheap/Replaceable Rents Averaging $8.41 per Square Foot
- Upside via Prime Junior Box Leasing Opportunity –27,679-Square-Foot 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 9.4 Percent and 15.3 Percent Total Return on Existing Assumable 67.4 Percent Loan to Value Non-Recourse Financing
- 11 Percent Pro Forma Cap at 100 Percent Occupancy - Substantial Upside Potential via Lease-Up of Existing 47,879-Square-Foot Vacancy Including One 28,000-Square-Foot Junior Box Unit and Six Small-Shop Spaces Ranging from 2,000-7,200 Square Feet
Listing Price: $12,085,000
Investment Highlights
- 76 Percent Occupied, 202,228-Square Foot Regional Shopping Center in Adrian, Michigan
- Anchored by Family Farm and Home, Staples, Planet Fitness and Harbor Freight Tools who Collectively Occupy 64 Percent of the Leased Gross Leasable Area and Contribute 46.7 Percent of EGI
- Offered with Attractive, Assumable Non-Recourse Financing – 69.34 Percent Loan to Value, 4.6 Percent Interest Rate (6.15 Percent Loan Constant), 6/2025 Maturity, 30-Year Amortization
- Priced Well-Below Replacement Cost at $60 per Square Foot with Cheap/Replaceable Rents Averaging $8.41 per Square Foot
- Upside via Prime Junior Box Leasing Opportunity –27,679-Square-Foot 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 9.4 Percent and 15.3 Percent Total Return on Existing Assumable 67.4 Percent Loan to Value Non-Recourse Financing
- 11 Percent Pro Forma Cap at 100 Percent Occupancy - Substantial Upside Potential via Lease-Up of Existing 47,879-Square-Foot Vacancy Including One 28,000-Square-Foot Junior Box Unit and Six Small-Shop Spaces Ranging from 2,000-7,200 Square Feet
Investment Overview
Marcus & Millichap is pleased to present for sale, Adrian Crossroads Plaza located in Adrian, Michigan. The subject property is a 76 percent occupied regional shopping center that is comprised of 202,228 square feet. Adrian Crossroads Plaza is being offered for $12,085,000.
