CLARKSTON, MI, February 27, 2020 – Top Midwest investment sales team Patton | Wiles | Fuller Group of Marcus & Millichap (NYSE: MMI), based in Cleveland and Columbus, today announced the sale of White Lake Commons, a 151,201-square-foot, grocery-anchored community shopping center located in Clarkston, MI, according to Michael Glass, regional manager of the firm’s Cleveland and Columbus offices. The asset sold for $8,100,000.
Craig Fuller, Erin Patton, and Scott Wiles, Senior Vice Presidents and Senior Directors with Marcus & Millichap’s National Retail Group, had the exclusive listing to market the property on behalf of the seller, a publicly traded REIT. After several offers, a local private buyer was selected, and placed a $500,000 hard money deposit at contract signing. The buyer secured new bank financing at closing.
White Lake Commons is located along Dixie Highway in Clarkston, MI, approximately 35 miles northwest of Downtown Detroit. The property is anchored by Neiman’s Family Market, a regional grocer with 3 other locations in northern and eastern Michigan, who occupies 45,000 square feet. White Lake Commons’ tenant roster also includes well-known tenants CVS, Office Depot, Anytime Fitness, Enterprise Rent-A-Car, The UPS Store, and Wendy’s, along with several regional and local businesses.
Year to date, the Patton | Wiles | Fuller Group has sold over 1.8 million square feet of retail shopping centers and net-leased properties, totaling over $180 million in sales dollars.