COLUMBUS, OH, Dec. 9, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of two Kroger-anchored shopping centers. The properties are West State Plaza, a 96,334-square-foot community shopping center in Fort Wayne, Indiana and Mid Eleven Center, a 74,525-square-foot retail center in the affluent Detroit suburb of Farmington Hills, Michigan. The properties sold for a total of $22 million.
“This was an all-cash transaction that went under contract with an institutional buyer at our asking price and closed within 60 days,” said Erin Patton, IPA executive director. Patton and IPA executive directors Scott Wiles and Craig Fuller represented the seller, a San Francisco-based private equity fund.
Located at the signalized intersection of West State Boulevard and St. Mary’s Avenue with 1,250 feet of frontage along both streets, West State Plaza was 91.7% occupied at the time of the sale. Kroger comprises 63% of the gross leasable area (GLA) and Dollar Tree occupies 10.4%. Both are on long-term triple-net leases. A freestanding Pizza Hut ground lease and a freestanding Chase Bank branch were included in sale. The center was built in 1987 on eight acres.
Constructed in 1980 on six acres, Mid Eleven Center was 97% occupied at the time of the sale. The center is located at the signalized intersection of West Eleven Mile Road and Middlebelt Road between two Interstate 696 exits. Kroger occupies 59% of the GLA on a triple-net lease that runs through April 2034.
The Patton Wiles Fuller team has sold over $260 million in retail properties in 2020. Marcus & Millichap’s brokers of record in Michigan and Indiana are Steve Chaben and Josh Caruana, respectively.