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1100 West Argyle Street Jac...

Marcus & Millichap Sells Grocery-Anchored Retail Center Merchants Crossing In Jackson, Michigan For $8M
SOLDRetail

Marcus & Millichap Sells Grocery-Anchored Retail Center Merchants Crossing In Jackson, Michigan For $8M

1100 West Argyle Street Jackson, MI 49202, USA

$8,000,000

$72/SF

Building Size

110,070 SF

Asset Type

Retail

Closing

Sep 7, 2023

AI

Merchants Crossing, a grocery-anchored retail center located at 1100 West Argyle Street in Jackson, Michigan, has been sold for $8 million. The property spans a total area of 110,070 square feet, resulting in a price per square foot of $73. The transaction was facilitated by Marcus & Millichap's Detroit office and involved an all-cash buyer.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $8,000,000
  • Address: 1100 West Argyle Street, Jackson, Michigan
  • Market: Jackson, Michigan
  • Brokers: Ashish Vakhariya, Seth Haron, and Darin Gross from Marcus & Millichap
  • Property Size: 110,070 square feet
  • Price per Square Foot: $73

The sale of Merchants Crossing attracted multiple offers before being acquired by the all-cash buyer. Kroger and Big Lots serve as anchor tenants for the retail center, contributing to its appeal. Marcus & Millichap's Detroit office, represented by brokers Ashish Vakhariya, Seth Haron, and Darin Gross, successfully facilitated the transaction, marking another milestone for the renowned brokerage firm.

Players

Seth Haron

Marcus & Millichap

Broker

$107.9M

vol

12 deals

Broker

Jackson Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.98%

Cash-on-Cash

-0.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93