|Catylist Listing ID:||30330207|
|Property Subtypes:||Community Center, Mixed Use, Neighborhood Center, Net Leased, Strip Center|
|Building Size (RSF):||93,899 SF|
|Gross Land Area:||22.55 Acres|
|Sale Price:||See Agent|
|Property Use Type:||Investment|
|Building Name:||Glencoe Crossing Shopping Center|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||97|
Swisher Commercial is pleased to exclusively represent McKinley Properties in the sale of Glencoe Crossing Shopping Center, a 93,899 square foot multi-tenant retail center in Ann Arbor, Michigan. Originally constructed in 1980/1991/1992 and remodeled in 2008 & 2014, the center has a diverse tenant mix and strong leasing history. The current occupancy is 100% consisting of twenty tenants including CitiTrends, Dollar General, Starbucks, State of Michigan, U.S. Government, The Hertz Corporation and Wright & Filippis.
Glencoe Crossing offers significant upside potential with many of the leases below market value, a current net operating income of $1.002 million, and additional land available for future development. The shopping center itself is situated on 12.9 acres with additional land parcels including: an out lot along Washtenaw Ave.; a 1.95 acre parcel (zoned FB) adjacent to the strip; and 7.7 acres (zoned PUD) of potential multi-family property to the rear of the center; all totaling 22.55 acres.
The property is located along the Washtenaw Avenue retail corridor just east of the US-23/Washtenaw Ave. interchange. Over 188,000 people reside within five miles of the center with average household income exceeding $81,000 within three miles of the site. Traffic counts are estimated to top 30,000 cars daily.
To view video footage of the property, visit: https://youtu.be/FDQA3EGD8ig
To view webpage, visit: http://listings.swishercommercial.com/glencoe-crossing
Qualified investors may obtain additional information by contacting Michael L. Jurgenson, CCIM at Swisher Commercial via email (email@example.com) to register as a bidder and execute a Confidentiality Agreement. The property will be sold on a Sealed Bid Basis with Letters of Intent being accepted through 5:00 P.M. Thursday November 1, 2018.
Brokers that represent potential purchasers may obtain information by registering their qualified prospects through Swisher Commercial. Brokers will be responsible for obtaining their fees or commissions directly from the party they represent. Co-broker fees are not available through the selling entity, nor Swisher Commercial.
|Nearest MSA:||Ann Arbor|
|Submarket/Township:||Washtenaw E of 23|
|Taxing Authority:||Pittsfield Twp|
|Tax ID/APN:||L-12-01-100-042, 044, 045|
|Retail Clientele:||General, Family, Business, Traveler, Convention|
|Largest Nearby Street:||US-23/Carpenter|
|Feet of Frontage:||880|
|Highway Access:||US-23, I-94, M-14, US-12|
|Airports:||DTW, Ann Arbor|
|Site Description:||Total of 22.55 acres including: 12.9 Acre existing retail center with outlot, 7.7 Acres with waterfront view zoned PUD for potential multi-family development,1.95 Acres for retail center expansion|
|Area Description:||Pittsfield Township is a progressive community that provides an outstanding combination of housing, education, business and a vibrant quality of life. It interconnects its residential, retail, commercial, entertainment, cultural and recreational availability via personal and public modes of transportation. Pittsfield Township has immediate and easy access to major local and state highways. It provides advantages such as; having an Ann Arbor mailing address with much lower taxes, a diverse and exceptional small business community ranging from family-owned storefronts to international franchisees, and is home to numerous larger headquartered firms, including R&D and high-tech companies throughout the township. Pittsfield boasts a robust talent pool with over 50% of its population as being college educated with more than one out of every four residents possessing a graduate/professional degree. Residents, students and business persons alike have immediate access to education being situated between the University of Michigan, Eastern Michigan University and at the back door of Washtenaw Community College. Pittsfield Township is just minutes from downtown Ann Arbor, Ypsilanti’s exciting Depot Town, collegiate sporting events, world renowned health care, hospitality/accommodations for the avid traveler, and recreational opportunities such as golf, mountain biking, canoeing, hiking or just plain enjoying the beauty and relaxation of the natural scenery.|
|Total Number of Buildings:||3|
|Number of Stories:||1|
|Total Parking Spaces:||550|
|Heat Type:||Natural Gas|
|Air Conditioning:||Engineered System|
|Zoning Description:||The Master Plan identified focus development areas within the Township that place greater emphasis on regulating urban form and character of development as well as use and intensity of use. Within these focus areas the Township encourages development with a mix of uses, including public open space, in order to provide transit oriented development in a sustainable way. The Form-Based Mixed Use Districts are intended to implement the vision, goals, and objectives of the Master Plan and any other applicable Plans. Authorized uses are categorized by use groups as set forth in Table 5.03.E.1. Use groups generally contain similar types of uses in terms of function, character, and intensity. 2. Use groups are designated in locations within each district based on the regulating plan. Use groups are classified in the following manner: a. Permitted Use Groups. These use groups are permitted as of right in the locations specified, and are depicted with the symbol P. b. Permitted Use Groups in Upper Stories. These use groups are permitted as of right in upper stories only in the location specified and are depicted with the symbol UP. c. Conditional Use Groups. These use groups are permitted after review and approval by the Planning Commission, in accordance with the procedures set forth in Article 10 and the standards in this Ordinance. Use groups requiring conditional use approval are depicted with the symbol C. i. The following uses will require a conditional use regardless of the site type or building form: a. Drive-through use. b. Single-use building over 15,000 gross floor area abutting residentially used or zoned property. d. Uses Permitted in All Locations Within the District. Public parks and essential public services are permitted by right in all locations. e. Similar Uses. If a use is not listed but is similar to other uses within a use group, the Zoning Administrator may determine whether the use is similar to other uses within a use group. The Zoning Administrator may also determine whether the use is permitted as of right, permitted in upper stories only, or permitted as a conditional use. The Zoning Administrator may obtain a recommendation from the Planning Commission as to whether or not the proposed use is similar to a use permitted as of right, permitted in upper stories only, or permitted as a conditional use. f. If a site is adjacent to two (2) different street types, the more intense street type shall control for the purpose of determining allowable use groups. Use Group 3, Office / Institutional permitted uses include: Civic building Office, general Office, medical Medical clinic Primary/secondary schools (private or charter) Post-secondary schools Places of worship Data processing and computing centers Technology centers/office research Publicly owned/operated office and service facilities Funeral homes Veterinary clinics or hospitals|
|Proximity:||1 mile||3 miles||5 miles|
Michael L. Jurgenson, CCIMSwisher Commercial
|The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|