request_info_guest false
Street View
Map
1 Photo

Chesterfield Square

$9,696,488

51347 Gratiot Avenue, New Baltimore, MI 48051

Active
Last Updated: 08/26/2025

8

Cap Rate

775,719

NOI

Details:
Cap Rate:    8%
NOI:    $775,719
Building Size:    66,964 sqft
Lot Area:    6.39 acres
Occupancy:    94.83%
Year Built:    2002, 2005 & 2006
Tenancy:    Multiple
Highlights:
  • Strong Performing National Anchors
  • WALT – 5.51
  • Long-Standing Tenant Operating History
  • Value-Add Through Lease-Up and Recapture
  • Long-Term Leases with Strong Tenant Commitments
  • Dense Affluent Demographics
  • Shadow-Anchored by Home Depot, Meijer and Target
Description:

Chesterfield Square is a 66,964 SF retail center anchored by PetSmart, Dollar Tree, and Michaels, which together comprise over 80% of the GLA and provide long-term stability with a WALT of 5.51 years. The property sits in the dominant 23/Gratiot retail corridor, shadow-anchored by Home Depot, Meijer, and Target, and surrounded by top national retailers and restaurants. Tenants are committed on long leases, with PetSmart secured through 2036, and Michaels operating at a well-below market rent compared to other Michigan stores, making it a highly profitable location. Recent roof and parking lot improvements reduce near-term capital needs, while investors benefit from value-add opportunities through the lease-up of a small vacancy and the ability to recapture and re-lease the American Mattress space at higher market rents.

Map:
Documents:
Title
088i_Chesterfield_Square-Chesterfield_Twp__MI-OM.pdf
* Documents permissions are set by the listing owner, request information to access locked documents.
Location
Gallery