Midloch Investment Partners And SpurLine Holdings Acquire Former JoAnn Fabrics For $5.1M In Ypsilanti
3737 Carpenter Road
$5,100,000
$113/SF
Building Size
45,000 SF
Asset Type
Retail
Closing
Jul 13, 2026
About this deal
AI
The property asset involved in the transaction is a retail asset located at 3737 Carpenter Road in Ypsilanti, MI. The sale was finalized on July 13, 2026, for a price of $5,100,000. The asset encompasses a total area of 45,000 square feet, resulting in a price per square foot of $113.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $5,100,000
- Address: 3737 Carpenter Road
- Market: Ypsilanti, MI
- Square Footage: 45,000
- Price Per Square Foot: $113
- Buyer: Midloch Investment Partners & SpurLine Holdings
- Broker: Cory Gross - Marcus & Millichap
SpurLine Holdings and Midloch Investment Partners are collaborating to renovate the former JoAnn Fabrics store with plans for occupancy by VASA Fitness by May 2027. This project marks their second joint redevelopment initiative for VASA Fitness.
On the Map
$5,100,000
$113/SF
Retail
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Players
Carpenter 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
3.11%
Cash-on-Cash
-0.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93