该房产将于9月11日(星期二)至9月13日(星期四)拍卖。所显示的价格是650,000美元的起始标价。有关信息,并登记投标,请访问TEN-X.com。
Lafayette Plaza is a ±47,655 SF Save a Lot anchored neighborhood retail center located at 904 Lafayette Ave in Bay City, MI. This Property presents investors an opportunity to acquire a well-positioned asset with national tenants that is generating positive cash flow and also offers value-add through lease up of the available units at long term market rates.
Lafayette Plaza is comprised of 1 single story building with 9 retail units on a ±7.5 AC parcel. Built in 1985, this Property is conveniently located on a main area thoroughfare, Lafayette Avenue, and offers excellent ingress/egress with multiple access points. The Property ±266 parking spaces offers abundant surface parking spaces and one large pylon sign identifies the property and tenants along Lafayette Avenue. The retail units at the Property are fit for a variety of different retail end users and range in size from ±1,500 to ±17,521 SF. The Property is currently ±72% occupied by a mix of national tenants including Save a Lot, Family Dollar, Subway, Little Caesars, and H&R Block. The majority of the tenants at Lafayette Plaza have long-term operating history at the center and have staggered lease expirations. There are currently 2 vacant units at the Property totaling ±13,455 SF (±28% of GLA) which offer significant value-add through lease-up at market rates.
The Property is located in Bay City which is the principal city of the Bay City MSA, which is included in the Saginaw-Midland-Bay City Combined Statistical Area. Bay City is located ±120 miles north of Detroit near the Saginaw Bay at the juncture of two major freeways, U.S. 10 and I-75 (both ±5 miles from the Property). The City has a broad economic base and educational drivers including Delta College (±6 miles) and Saginaw Valley State University (±7 miles). Lafayette Plaza is located in a residential area on a commercial thoroughfare and in 2018 has approximately ±66,458 individuals residing within a five-mile radius of the property and an average household income of ±$55,452. In 2018, the total specified consumer spending within a 5-mile radius of the Property accounts for ±$597,652,000 and there are ±3,205 businesses and ±34,542 employees. The tenants at the Property benefit from a loyal customer base and minimal nearby competition.
Lafayette Plaza offers investors the opportunity to purchase a Save a Lot anchored neighborhood center with significant upside potential through both lease-up and outlot development. This property will be auctioned on Tuesday, September 11 - Thursday, September 13 . The price displayed is the starting bid amount of $650,000. For information and to register to bid on this property, please visit Ten-X.com.