The first is a 39,710-sf shopping area in Novi, MI called Novi Square. The striphas a price tag of $6.2 million, and is anchored by a CVS Drug Store. Thecap rate would be at 8.8%.The location has traffic counts of more than 17,000 per day, says JohnGodwin of Marcus and Millichap.
The other site is a larger, 46,380-sf retail site in Redford, MI called HeritageShopping Center. This strip has a price tag of $4.5 million, and has a 10.5% cap rate.
The purchaser would assume existing debt and would be required to obtainadditional financing, said Godwin. The property is located between I-96 andGrand River road, and has traffic counts of more than 75,000 per day, Godwinsaid.
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