Belle Plaza
Redevelopment Opportunity - 61,519 SF Plaza- Signalized Corner - Niles, MI
Marketing description
Marcus & Millichap is proud to present Belle Plaza, a 61,519 square foot plaza that is currently 69 percent occupied and located in Niles, Michigan, ten miles north of South Bend, Indiana. The value-add investment provides opportunity for redevelopment of a seven-acre parcel at the signalized corner of M-51 (11th Street) and Bell Road, across from a newly developed Aldi. M-51 average daily traffic volume is 26,000 per day. The plaza is located at the busiest signalized intersection in Berrien County and one block from the US-12 interchange. The 7.6-acre property sits at the entry way to a retail corridor with over 1.8 million square feet of retail space within five miles. Major retailers that are also on M-51 in Niles include: Lowe's, Walmart Supercenter, Tractor Supply Company, Rural King Supply, Anytime Fitness, a 24-Hour Walgreens, CVS, O'Reilly Auto Parts, AutoZone, Martin’s Super Market and Advanced Auto Parts. This location, being near the M-51 and SR-12 interchange, serves Buchanan and Niles, MI and the northern portion of the South Bend/Mishawaka metro area.Almost all tenants have a uniform lease that requires them to pay utilities, repairs, tenant improvements and their pro rata share of CAM, taxes and insurance. However, many of the permitted pass-through expenses are not being collected; thereby providing immediate rent growth for new ownership. Alternatively, all but two of the tenant leases are intentionally short term, providing a redevelopment opportunity.
Investment highlights
- Subject is a 62,519 Sq Ft Retail Center on a 7.63-Acre Lot with ample parking, pylon signage, multiple ingress/egress points, and strategically located at asignalize intersection across from a new Aldi. Seven Mile Population is 106,686, with a $92,854 average household income.
- Redevelopment Opportunity with nearly 600 front feet at a signalized corner on M-51.
- Tenant Dollar General (NYSE: DG) Currently Features a Investment-Grade
- Rating from BBB from S&P
- Robust Traffic Counts on M-51 (ADTC - 26,000), a Quarter Mile from US-12 interchange.
- Well Established Retail Corridor | Nearby National Retailers Include: Aldi, Walmart, Harbor Freight, Lowe’s, Tractor Supply, Midas, Culver’s, Taco Bell, Wendy’s, Burger King, and Others
- Thriving Community with an Average Household Income of Over $93K within
- Five Miles of the Subject Asset.
- Subject is Just Over 8 Miles from South Bend International Airport, Serving
- Over One Million Passengers Annually (flysbn.com)
- Parks and Outdoor Recreational Facilities Nearby Include: Notre Dame Stadium, Leeper Park, Howard Park, Burke Golf Course, Warren Golf Course, Chain O’ Lakes, Chamberlain Lake Nature Preserve, and More
- Seven Mile Population is 106,686, with a $92,854 average household income.
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