GRAND HAVEN, MI, May 31, 2019 – Top Midwest investment sales team Patton | Wiles | Fuller Group of Marcus & Millichap (NYSE: MMI), based in Cleveland and Columbus, today announced the sale of Beacon Square Shopping Center and Grand Haven Shopping Center, a 91,815-square foot retail shopping center portfolio located in Grand Haven, MI, according to Steven Chaben, regional manager and broker of the firm’s Detroit office who assisted in closing this transaction. The assets sold for a combined price of $14,943,000.
C.J. Jackson, a Senior Associate, and Scott Wiles, Erin Patton, and Craig Fuller, Senior Vice Presidents and Executive Directors with Marcus & Millichap’s National Retail Group, had the exclusive listing to market the property on behalf of the seller, a private REIT. The buyer, an out-of-state fund was also secured and represented by Jackson, Wiles, Patton and Fuller. The buyer assumed the existing CMBS debt at closing.
Beacon Square and Grand Haven Shopping Centers are located at 840 Jackson Street and 402-462 & 518-628 North Beacon Boulevard in Grand Haven, MI. The properties are shadowed by Home Depot and were approximately 97% occupied at the time of sale. Tenants include Advance Auto Parts, Dollar Tree, Great Clips, Hallmark, O’Reilly Auto Parts, Staples, Starbucks, Verizon, and West Marine among others.
Year to date, the Patton | Wiles | Fuller Group has either sold, or put under agreement, $350 million of retail investment property throughout numerous states spanning the Midwest and beyond.