For more retail coverage, click<pFLINT TOWNSHIP, MI-The Lincor Park Shopping Center in Flint Township has been placed on the market, with a $10.7-million asking price. The 75,000-sf plaza carries an 8.48% market capitalization rate.

Paul Kerber and John Nuzman, investment specialists in Marcus & Millichap’s Detroit office, have the exclusive listing to market the property on behalf of a locally-based investment group. “This asset has been conservatively underwritten with respect to rental growth and offers the investor a strong up-front return with very high long-term cash flow,” Kerber says. The sales price represents about $143 per sf.

Lincor Park Shopping Center is located at 2103 S. Linden Rd. More than 600,000 sf of retail and big-box tenants are located within one-half mile of the center. Neighbors immediately adjacent to the east are Lowe’s, Wal-Mart, and a Sam’s Club, with a Home Depot right across Corunna Road.

Lincor Park was developed from 1990 to 1995 with 74,942 rentable sf on approximately 11.5 acres. The Michigan State Police Department has leased more than 20% of the overall square footage with 10 years remaining on an original 20-year lease. Other tenants include Rite-Aidas a shadow anchor, Republic Bank, Grill India, Los Amigos, Quiznos Subs, H&R Block, State Farm Insurance and Travel Brokers.

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