ADRIAN, MI-Newport Beach, CA-based CommPros has purchased Crossroads Plaza, a fully occupied 288,202-sf shopping center here. The sales price was $21.97 million, or $76 per sf.
Marcus & Millichap's Tony Sekulovski says the Crossroads Plaza listing generated moderate activity, which was mostly from private investors. "The general appetite for Michigan retail centers has been lower than normal mostly due to the auto industry in Michigan and the stigmatization associated with it," says Sekulovski, a senior investment associate the company's Chicago office. Sekulovski; Steven Chaben, regional manager of Marcus & Millichap's Detroit office; and Patrick Minoofar, a retail specialist in the West Los Angeles office; represented the seller.
Crossroads Plaza's anchors--Kmart, Big Lots, Hobby Lobby and Staples--all have leases that run through 2010. Other major tenants include Hollywood Video, Dollar Tree, Hobby Lobby, Sherwin Williams, Payless, and H&R Block. More than 85% of the property, which is at 1416 S. Main St., is occupied by regional or national credit tenants, according to Marcus & Millichap.
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