Centre Square Retail Center in Portage Has Been Sold

Tenants include Pure Barre, Vina Nails, and Full City Café.

Here's what we know about the $4.1 million property sale so far:

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Multiple commercial real estate firms are confirming the sale of the two-building retail plaza at 7894 Oakland Drive, including Connect CRE who reports the deal was brokered by real estate investment firm Marcus & Millichap:

Haron, Darin Gross and Ashish Vakhariya, investment specialists in Marcus & Millichap’s Detroit office, had the exclusive listing to market the property on behalf of a local, private seller. Centre Square Retail Center... totals 18,745 square feet.

So what changes, if any, can we expect from this private new investor?

There are 10 suites between the two buildings and each space is fully leased to a mix of medical (Advanced Health Pharmacy, LUXE Body Bar), service (Vina Nails, Irish Roofing & Exteriors) and restaurant tenants (Full City Café).

Considering how empty and sad numerous shopping centers across Kalamazoo and Portage may appear to be, it's actually astounding to hear every suite in the plaza is leased. That just attests to the location's high visibility on the corner of busy Oakland and Centre streets.

Seth Haron, managing director of investments at Marcus & Millichap, is quoted by Connect CRE as saying,

We received multiple offers on Centre Square, which ultimately closed in an all-cash transaction just 41 days after going under contract...he strong interest reflects the property’s diverse tenant mix, desirable suite sizes and below-market rents, all of which position it for long-term success.

What new businesses would you like to see come to the newly sold retail space?