Listed by Mid-America Real Estate Corporation, Mid-America Real Estate
Unpriced
Lakeshore Marketplace
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 349,332
NOI $3,209,054
Occupancy 100%
Tenancy Multi
Year Built 1995
Year Renovated 2006
Buildings 1
Acreage 40.920
Parking Spaces 2,444 spaces
Parking Per SqFt 7.00
Investment Type Stabilized
Retail | 349,332 SqFt
Marketing description
Mid-America Real Estate Corporation, in cooperation with Mid-America Real Estate - Michigan, Inc. (a licensed Michigan broker), has been exclusively retained by the owner to sell the 100% fee simple interest in Lakeshore Marketplace, one of the dominant regional centers serving Muskegon and the western Grand Rapids metro area. https://properties.midamericagrp.com/northeast-quadrant-of-us-route-31-east-sternberg-road-norton-shores-sale
Investment highlights
- BEST-IN-CLASS NATIONAL CREDIT RETAILERS - Leased to a diverse array of national credit retailers, Lakeshore Marketplace is anchored by three TJX concepts (TJ Maxx, HomeGoods, and Sierra total 22.4% of the gross income), Burlington, Hobby Lobby, Dunham's Sports, Petco, Dollar Tree, Barnes & Noble, Old Navy, and Five Below. The center has experienced little vacancy historically given the strength of its anchors and tenants capitalizing on the desirable, high-traffic location.
- DOMINANT SHADOW ANCHOR - The center is shadow anchored by a strong performing 126,842 square foot Target store, which includes their fresh grocery department. Target recently completed a comprehensive renovation of this store, including facade updates, exterior paint, landscaping, pickup enhancements, and interior and fixture upgrades furthering their commitment to this location.
- STRONG LEASING VELOCITY - Lakeshore Marketplace has experienced tremendous leasing velocity in recent years, underscoring the strength of the trade area and the center's excellent merchandising mix. Over the last 3 years, Lakeshore Marketplace executed new leases with Sierra (10 years), Spencer's (5 years), GNC (5 years), and extended Barnes & Noble (5 years), Old Navy (5 years), GLO (5 years), and Paris Nails (5 years). In 2021-22, Bath & Body Works, Shoe Dept. Encore, and Buckle also all repositioned within the market from the mall to Lakeshore Marketplace.
- DESIRABLE LOCATION IN GROWING REGIONAL TRADE AREA - Situated at the corner of East Sternberg and Harvey Roads adjacent to a full interchange with U.S. Route 31 (44,850 VPD), this location provides outstanding access to both the local and regional customer base. U.S. Route 31 travels north-south and affords tenants the ability to draw consumers from all portions of Muskegon and Grand Haven. Lakeshore Marketplace also sits immediately south of the Interstate 96 and U.S. Route 31 interchange. Interstate 96 runs east-west, pulling consumers originating from the northwestern portions of Grand Rapids, located approximately 30 miles away. Lakeshore Marketplace is the dominant shopping center within the thriving Norton Shores trade area, which also features Lowe's, Menards, Meijer, ALDI, Dick's Sporting Goods, Best Buy, Kohl's, Ross Dress for Less, Ulta, Petsmart, and the recent addition of Costco, which opened in October 2025.
- STABLE DEMOGRAPHIC PROFILE WITH SEASONAL POPULATION INFLUX - Norton Shores is the most affluent suburban community in the Muskegon market and has led the county in residential construction over many years. The area surrounding Lakeshore Marketplace features a residential population of nearly 158,000 within five miles with a corresponding average household income of $91,000, and forecasted 3.1% household growth. Southwest Michigan is a popular summer destination for millions of residents living in the Midwest due to its quaint beach towns and miles of sandy beaches along the Lake Michigan shoreline. During the summer season, Norton Shores enjoys an expanded affluent customer base as the premier retail destination in the Muskegon/Grand Rapids regional trade area.
- OUTSTANDING SALES PERFORMANCE - Many of the retailers at Lakeshore Marketplace record consistently strong annual sales, driven by the area's wide regional access and strong anchor draws including Target as a shadow anchor. Top reported sales performers include TJ Maxx ($400 PSF), Dunham's Sports ($6.0M), Bath & Body Works ($750 PSF), Old Navy ($205 PSF), and most tenants with very strong Placer.ai rankings in the state.
Listing Contacts
Listed by Mid-America Real Estate Corporation, Mid-America Real Estate
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$3,209,054.00
$267,421.17/mo
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