2950-2992 Center AveEssexville, MI 48732

Property Details for 2950-2992 Center Ave

Year built

1996

Property size (Sq ft)

64,957 SF

Property type

Retail properties

Property subtype

Retail space

Description

Majestic Square, a 64,957 square foot multi-tenant retail center located at 2950-2992 Center Ave, Essexville, MI 48732, presents a compelling investment opportunity. This property, built in 1996 and renovated in 2019, boasts a prime location directly adjacent to a high-performing Kroger supermarket, which has operated at this location for over 25 years and experienced a 30% increase in same-store sales since 2020. A significant anchor tenant, JOANN Fabrics, occupies 22% of the gross leasable area (GLA) under a long-term lease expiring January 31, 2029. JOANN, a national leader in fabric and craft retail, has been a tenant since 1996. Currently, the center has 29.98% occupancy, offering substantial value-add potential through the lease-up of vacant, move-in ready suites. The building's exterior has recently undergone updates. The property's Net Operating Income (NOI) is $40,677, and the remaining lease term is approximately 4.2 years. This presents a unique chance to capitalize on a strong location, established anchor tenants, and a significant opportunity for increased occupancy and revenue. The property's location in Bay County, Michigan, provides excellent access to a thriving consumer base.

Location Insight

City

Essexville

County

Bay

State

Michigan

Latitude

43.5931

Longitude

-83.8456

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