La Mirage Shopping Center
Fully Leased Retail Center Anchored by Guitar Center
Marketing description
La Mirage Plaza is a 100% occupied, stabilized neighborhood retail center located at 29555 Northwestern Highway in Southfield, Michigan. Offered free and clear of existing financing, this investment presents the opportunity to acquire fee simple ownership of a well-positioned retail asset anchored by a nationally recognized credit tenant.
The center totals 39,390 RSF on approximately 3 acres and is anchored by Guitar Center, which has operated at the property since 1999. The tenant recently exercised its five-year lease extension well in advance of expiration, securing occupancy through 2032 and demonstrating long-term commitment to the location. The extension includes built-in rent growth, enhancing income durability and strengthening future cash flow.
Investment highlights
Asking Price: $5,950,000
NOI: $561,669
Cap Rate: 9.4%
Occupancy: 100%
Long-Term Anchor Lease: Secured through 2032
High-Exposure Location: Prominent frontage along Northwestern Highway with strong traffic counts and convenient access to I-696
La Mirage Plaza offers investors stable in-place income, contractual rent growth, and long-term visibility in a well-established retail corridor within Metro Detroit.
For additional information, please complete and return the attached Confidentiality Agreement as instructed therein.
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