Royal Madison Plaza | Hollywood Market Shadow Anchored

29048-29098 N Campbell Rd Madison Heights, MI 48071

FOR SALE
Property Type:
Strip Center
Amount:
$5,070,000
Last Verified:
Sep 21, 2022


Description

Jonna Group of Colliers International is pleased to present the opportunity to acquire the fee-simple interest in Royal Madison Plaza, a 38,500 SQF Multi-Tenant Retail Strip located in Madison Heights, MI. Royal Madison Plaza is currently fully occupied with 9 tenants: Family Dollar, Irish Tavern, Northern Lights Hydroponics, Charlie’s Restaurant, LC’s Asian Kitchen, Wild Tree Vape Shop, DannoFit, Annie’s Nails, and a Marijuana Grow Facility. Six of the nine tenants have occupied spaces in this center for over a decade. Charlie’s restaurant has been at this location for over 20 years. Family Dollar and Irish Tavern, together comprising about 20,000 SQF, are both operating under NNN leases.

The remaining tenants operate under Gross leases. The lease expirations range between 2024 and 2029. The leases range from $9 to $11 PSF. Current market rents are an average of $13.75 PSF. This retail plaza is anchored by Family Dollar and sits in the outlot of a local grocery store. This 7.4 acre lot contains 260 parking spaces, a ratio of 3.3 spaces per 1,000 SQF. The current landlord has placed over $50,000 in the last 3 years towards renovating the exterior and replacing the roof. An additional $30,000 worth of improvements are in progress.

Madison Heights, MI


Year Built: 1970
Building Size: 38500sq ft
Lot Size: 7.4 acres

Map of 29048-29098 N Campbell Rd , Madison Heights, MI, 48071

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