Gaylord, MI - Shoppes on Main Street

Description:

SRS Multi-Tenant Investments is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a multi-tenant retail building investment property located in Gaylord, Michigan. The offering features a strong tenant lineup including Five Guys, Wild Bills, Great Clips, and Tropical Smoothie Cafe. The concentration of retailers promotes strong tenant synergy and increases crossover retail exposure to the overall site. The center is 53% leased, providing a great value-add opportunity for a future owner to leaseup the vacancies and capitalizing on the potential income stream from raising existing tenants’ rent to market rate.

The asset has excellent visibility and multiple points of access along W. Main Street, a primary retail thoroughfare serving 28,900 vehicles passing daily. The thoroughfare represents the main retail corridor in the surrounding city, featuring nearby national/credit tenants such as Walmart Supercenter, Home Depot, Lowe’s, Kohl’s, Hobby Lobby, Meijer, Menards, and Walgreens, all within 2-miles of the site. Furthermore, the subject property is strategically positioned adjacent to an ALDI grocer and Panera Bread, increasing consumer draw to the retail center. Other nearby fast food and restaurants include McDonald’s, Starbucks, Buffalo Wild Wings, Taco Bell, KFC, Arby’s, and Applebee’s. Nearby on/off ramps access from Interstate 75 (14,600 VPD), a major north/south traveling highway supporting travelers throughout the midwest and southeast, and the Gaylord Regional Airport, provides an abundant consumer base to sustain the large retail and commercial sector. The surrounding area represents a dense residential corridor highlighted by many single family homes and multi-family communities, including the Pines 45 Apartments, Green Meadows complex, and the Park Meadow Apartments (350+ total units). The 5-mile trade area is supported by a population of over 13,500 residents and 12,100 employees with an average household income of $85,425.