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MUSKEGON, MI-Broder & Sachse Real Estate Services Inc. has sold a 100,153-sf retail center here to a Los Angeles-based investor for $10.2 million. The Sherman Shopping Center, anchored by PetSmart, Circuit City and Office Max, was bought by the Birmingham, MI-based firm in February 2003 for $10 million.

The costs were provided by Real Capital Analytics and Mid-America Real Estate Corp. Ben Wineman with Mid-America, based in Oakbrook Terrace, IL, represented Broder & Sachse in the transaction, and Chris Hansen with Dallas-based Newmark Knight Frank represented the unnamed buyer.

The property is at Main and Sherman Streets, at 1720 Sherman Road, and is 100% leased. Broder & Sachse will stay on as property manager for the center, says John Hamburger, VP with the company. “We’re a real estate developer, it was a corporate decision to sell,” Hamburger tells GlobeSt.com. “Cap rates are low, so values are high, it’s just good retail timing.”

He says there will be a slight hiccup for the property soon. The nearby Target, which is not part of the deal but participates in the operating expenses at the center, will be moving out. “They’re trying to sell that site,” Hamburger says. They’re relocating to a larger store somewhere else in the city. This is still a great market, though, we’re on a major interchange.”

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