15 E KIRBY ST STE 107A Detroit MI 48202

Mid-America Real Estate Corporation has been retained by the owner to sell the 100% interest in a commercial and parking condominium known as The Park Shelton Shops. The property caters to the fast growing, dense residential and daytime population in the Midtown neighborhood of downtown Detroit, and provides a unique value-add opportunity for potential investors.

Visit the property website to download the OM: https://www.midamericagrp.com/property-listings?propertyId=the-park-shelton-shops

Dynamic Commercial Center - Unique opportunity to acquire The Park Shelton, a ground level mixed-use commercial center, located below 228 fully occupied luxury condominiums. The 20,631 square foot commercial space features a variety of retail, restaurant, office, and medical tenants. The building, formerly known as The Wardell Hotel, was added to the National Register of Historic Places in 2007 and renovated in 2004.

Strong Tenant Occupancy -The subject property is nearly 100% occupied and features a diverse portfolio of tenants that include Chartreuse Kitchen & Cocktails, Babo Restaurant, Wasabi Korean & Japanese Cuisine, The Carr Center, The Peacock Room, State Farm, and a confidential service tenant.

Robust University and Medical Presence -Michigan’s 3rd largest university, Wayne State University, is located across Woodward Avenue from The Park Shelton Shops. The school offers approximately 350 programs to more than 26,000 graduate and undergraduate students. The College for Creative Studies (CCS) is a private arts and design college located one block from the subject property. CCS has a total enrollment of nearly 1,500 students and is a major supplier of talent to numerous industries throughout the nation, such as transportation, film, advertising, apparel and many more. The world-renowned Detroit Institute of Art (DIA) is directly across the street, and receives over 670,000 visitors per year. New York art advisory firm, Artvest Partners, appraised the DIA’s collection at a cumulative value of $4.6 billion. Additionally, Detroit Medical Center (DMC) is less than one mile from the subject offering and is the largest healthcare provider in southeast Michigan, with more than 2,000 licensed beds and nearly 3,000 affiliated physicians. DMC is a leading academically integrated system that employs and trains 1,000 residents and fellows annually.

Excellent Access & Visibility - The subject offering is positioned at the intersection of Woodward Ave and East Kirby St, and benefits from the nearly 22,400 vehicles per day that pass through the intersection. The Park Shelton benefits from its close proximity to
public transportation as its conveniently positioned one block from the QLine Ferry St station and the Woodward & Kirby bus stop. The QLine is a streetcar system in Detroit that serves over 3.3 million riders and runs along Woodward Avenue. There are 12 stops along the circulating 6.6-mile route from downtown Detroit through Midtown, and ends in New Center just north.

Cultural Center - The Park Shelton Shops is ideally positioned on Woodward Ave, aka “Detroit’s Main Street”, connecting downtown Detroit to its northern suburbs. With the Piston’s move from Auburn Hills to downtown Detroit in 2017, all four major league Detroit teams are playing along the Woodward corridor. The Red Wings and Pistons at Little Caesars Arena (2645 Woodward Ave), Tigers at Comerica Park (2100 Woodward Ave), and the Lions at Ford Field (right behind Comerica Park) all within 2 miles south of The Park Shelton Shops.

Value-Add Opportunities -The commercial space offers an investor substantial upside potential by converting below-market in-place rents, as well as gross leases, to market rents that are approximately 30% higher. The offering includes 70 of total 322 parking spaces in the adjacent secured parking garage. Historically, ownership has leased 40 monthly parking spaces. The active surrounding neighborhood provides a solid base for growth in The Park Shelton parking income.

Potential Yields - Offered “free and clear” of any existing debt, providing the opportunity for a buyer to take advantage of the debt markets.