Van Buren Plaza - Detroit, MI MSA
Neighborhood Retail Center | 8.0% CAP | 43,765 SqFt
Marketing description
Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire 100% fee simple interest in Van Buren Plaza, (“The Property”), a 43,765 square foot neighborhood retail shopping center located in Belleville, Michigan (Detroit MSA).
Located within Wayne County, the Property is ideally positioned within the largest county in the state of Michigan, boasting a population of more than 1,770,000.
The premier neighborhood-style shopping center is home to a diverse, well established mix of service-oriented retail tenants situated within a dense residential area boasting a population of more than 75,000 within a 5-Mile radius. The e-commerce resistant tenant line-up includes Athletico, Anytime Fitness, Family Dentistry, Qahwa Zen Coffee House, Miami Tan, Body Radiance Medspa,
Subway, Dos Pesos Restaurant, and Le Le Nails, among others.
Van Buren Plaza is located just off Interstate-94 (98,000 VPD), the trade areas’ main arterial throughfare, and benefits from its close proximity to the dominate retail shopping corridor along Belleville Rd. The Property features unmatched frontage and visibility with a prominent pylon sign and easy access to a convenient location that caters to the surrounding residential communities. The immediate trade area is host to big box national retailers Walmart, Menards, and Meijer. Other notable nearby tenants include ALDI, Planet Fitness, CVS, Cracker Barrel, Chick-Fil-A, Starbucks, McDonald’s, Culvers, Burger King, Holiday Inn and TownePlace Suites by Marriott, among others.
Van Buren Plaza is fully stabilized off the back of exceptional recent leasing velocity, with four new leases executed within the last few months alone, including UPS, Retail Liquidator, Qahwa Zen Coffee House, and Kayrouze Jewelry. Most notably, UPS has just signed a fresh 10-year lease on 1,500 SF at $21.00/SF, representing one of the highest per-square-foot rents in the center and a direct validation of the property's quality and location.
Built in 1988 on a 4.71-acre site, the property is in excellent condition and has been meticulously maintained. Current ownership has recently invested more than $200,000 in capital improvements, including new HVAC systems, LED lighting, asphalt repairs, updated awnings, and a full exterior repaint. The center features 245 surface parking spaces distributed across the front and rear of the site, providing ample accommodation for both tenants and customers.
The rent roll features staggered lease expirations and strong contractual rent bumps that grow NOI over time and act as a natural hedge against inflation. Scheduled increases across the portfolio range from 2.5% annually to 10%.
The Property is being offered free and clear of debt for an 8% cap rare totaling $6,982,530.
Investment highlights
NEIGHBORHOOD RETAIL WITH SERVICE ORIENTED TENANCY - Neighborhood-Style Dining, Medical, Shopping, And Service-Oriented Center Featuring An E-Commerce Resistant Tenant Roster Widely Recognized By Residents And Surrounded By Strong Residential Demand. Uses Include Restaurant, Physical Therapy, Dentistry, Fitness, MedSpa, Jewelry, Finance, Nail Salon, Shipping, Beauty, Pet Supply, And More
PREMIER LOCATION IN DENSE RESIDENTIAL & DOMINANT RETAIL TRADE AREA - Located Just Off Interstate-94 (98,000 VPD), The Trade Areas’ Main Arterial Throughfare, And Benefits From Its Close Proximity To The Dominate Retail Shopping Corridor Along Belleville Rd And Surrounded By Dense Residential Neighborhoods Boasting A Population Of More Than 75,000 Within A 5-Mile Radius
STRONG LEASING VELOCITY - The Property Has Recently Enjoyed Strong Leasing Activity Including Four New Leases And Six Renewals Executed Within The Last Six Months. These Leases Account For 25% Of The Total GLA And Demonstrate The Strength, Stability, And Growth Of The Location
DENSE RESIDENTIAL AREA WITH HIGH INCOMES - Strategically Positioned In Van Buren Township, An Upper Middle-Class Suburb Of Detroit With Average Incomes North Of $100,000
EMBEDDED RENT GROWTH THROUGHOUT THE RENT ROLL - Scheduled Rent Bumps Ranging From 2.5% To 10% Are Built Into Leases Across The Portfolio, Driving NOI Growth Year Over Year Without Any Re-Leasing Risk. Notable Examples Include China City Stepping Up Annually Through 2031 And Lunch Box Escalating 2.5% Every Year Through Multiple Option Periods
WELL-MAINTAINED WITH SIGNIFICANT CAPITAL IMPROVEMENTS - Current Ownership Has Recently Invested More Than $200,000 In Capital Improvements, Including New HVAC Systems, LED Lighting, Asphalt Repairs, Updated Awnings, And A Full Exterior Repaint
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