Dick's Market

Retail-Commercial for Sale
Catylist Listing ID: 30442990
Property Subtypes: Street Retail, General
Building Size (RSF): 30,866 SF
Gross Building Area: 33,238 SF
Sale Price: $3,525,000
Unit Price: $114.20 PSF
Ceiling: 12 ft.
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/15/2019

Overview / Comments

This investment asset is a multi-tenanted grocery anchored retail facility. The building is located just off of U.S. 131 which is a main north/south travel artery for West Michigan. The facility was constructed in 2008 resulting in minimal maintenance for ownership. The center spans a total of 32,825 square feet with 30,866 of rentable square feet, which is occupied by four unique tenants. The tenant mix includes the community grocer, nail salon, Chinese restaurant, and a chiropractic office. The anchor tenant, Dick’s Market, is a dominant local grocer that serves consumers within a 15-mile radius and has experienced sales growth in consecutive years.

Dick’s market represents an investment opportunity with newer construction, long-term anchor tenant, and strong yield at the offering price of $3,525,000. Dick’s is a locally owned and operated family business that has been serving the community since 1955. Deciding to invest into the store in 2007, Dicks worked with the current owners to develop a efficient marketplace to grow their grocery business. Today, Dick’s continues to see revenue growth, creating a strong anchor tenant with over 9 years remaining on the base lease term. The additional 4,780 SF offers retail and office users to shadow anchor Dick’s high-traffic business. The additional building is demised to suite the needs of three businesses; Hing Long Restaurant, Dorr Nails & Spa, and Abbott Chiropractic.
Priced below replacement cost, this well-maintained center makes a great investment opportunity in a growing community.

Additional Details

Nearest MSA: Allegan
County: Allegan
Submarket/Township: Other area
Tax ID/APN: 03-05-09-011-000
Zoning: E-COMMERCIAL
Retail Clientele: General, Family, Business
Property Visibility: Excellent
Area Description: DIRECTIONS: US 131 TO DORR EXIT W ON 142ND AVE TO THE NEW DICK'S MARKET ON THE NORTH SIDE OF THE STREET.
Tenancy: Multiple Tenants
Property Condition: Excellent
Year Built: 2008
Construction/Siding: Block
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,673 7,439 17,023
Median Age: 34.47 35.8 35.54
Households: 536 2,456 5,858

Contact

Photograph of Listing Agent

Michael Visser

Colliers International
CARWM Member
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