Hastings Center

Hastings | Michigan

Offering Summary

  • Status: closed
  • Price: 15,913,000
  • CAP Rate: 7.41%
  • GLA: 186,230 SF
  • Price/SF: $87.26
  • Year(s) Built: 1990 | 1994 | 1999 | 2000
  • Major Tenants: Family Fare, Family Farm & Home, B2 Outlet stores, TJ-Maxx, Community Action, Rent-A-Center, Verizon
  • 91% Occupied 186,230 SF Grocery-Anchored Community Shopping Center in Hastings, MI
  • Anchored by Family Fare Supermarket (Spartan Nash) – Occupies 28% of GLA on NNN Lease into 2029
  • Family Fare Supermarket is Ranked in the Top 5% of Chain Nationally (source: Placer.ai customer foot traffic)
  • Family Fare Invested Over $3 Million in Improvements | Has Drive-Thru Pharmacy
  • Family, Farm & Home Occupies 18% of GLA on Cheap Rent Gross Lease into 2030; Top 21% Nationally
  • New 10-Year Lease with T.J. Maxx at $9.50/SF NNN (23,000 SF; 13% of GLA)
  • B2 Outlet Stores (13.6% of GLA) – New 11-Year Lease into 2033
  • Top 5 Tenants by GLA all Have Leases Extending into 2029 and Beyond
  • 7.5 Years of Weighted Average Lease Term Remaining
  • Priced Well-Below Replacement Cost at $87/SF
  • Several Outparcel Pieces Included in Sale – Applebee’s, Community Action Child Care, Family Fare Gas Station, and Verizon-Anchored 4-Tenant Strip Center
  • Below Market Rent for Applebee’s and Family Fare Gas Station
  • Diversified Daily Needs Small-Shop Tenant Base – Restaurants, Financial Services, Medical, Salons, Fitness
  • Potential to Add Value via Lease up of 2 Vacant Small-Shop Units Totaling 8,500 SF
  • Located Along West State Street – Primary Commercial Corridor in Hastings
  • Minimal Competition – Only Community Shopping Center in Hastings; No Other Multi-Tenant Retail of Similar Size
  • Area Retailers Include Walmart, Aldi, Tractor Supply, Dollar Tree, Family Dollar, O’Reilly, and Several Fast Food Restaurants
EXCLUSIVELY LISTED BY:

Craig Fuller

Senior Managing Director