Benton Harbor, MI - Vacant Restaurant

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an 8,500 square foot, freestanding, Vacant Restaurant property located in Benton Harbor, Michigan. The site is zoned for Commercial (D-1), providing for a wide range of commercial uses. The site presents a future investor with upside through either lease up of the space or complete redevelopment of the large 1.93 acre lot. The offering presents the opportunity to acquire a high-grade restaurant ready asset, within a growing trade area. The restaurant ready assets allows for significant construction cost savings to a user or developer, saving an estimated $1,000,000 in shell construction costs. There continues to be new retail development in the area with Chick Fil A and Starbucks opening new locations just down the road (see aerial on page 10). In addition, Benton Harbor is being eyed as the potential home of a new $3B data center located along York Avenue to accommodate the growth of AI and would had hundreds of jobs to the area.

The property is located along Pipestone Rd, which averages 9,300 vehicles passing by daily and is the major retail thoroughfare serving the city of Benton Harbor. Additionally, the asset is located within a half mile of on/off ramps to Interstate 94, a major east/west travelling highway that averages 63,700 VPD. The site is located just northeast of Fairplain Plaza, a 352,000 square foot power center that features national/credit tenants including T.J. Maxx, Kohl’s, Michaels, and more. Also just north of the property is Pipestone Plaza, a 177,000 square foot Burlington and Big Lots anchored center. Within a 1-mile radius, ten hotels serve the area, five of which were built and opened in the last seven years. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Walmart Supercenter, Meijers, The Home Depot, Lowe’s Home Improvement, Ross Dress for Less, Save-a-Lot, Dollar General, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 48,500 residents with an average household income of $90,161. Additionally, second homes swell the population by as much as 40% from May to October, due to vacationers coming to take advantage of the beaches of Lake Michigan. This has helped growth in the area, which has resulted in the St. Joseph/Benton Harbor Trade Area Census population to now exceed 165,000 people.