Marcus & Millichap announced the sale of a multi-tenant, grocery-anchored retail center in Jackson, Michigan. Located at Merchants Crossing, a 110,070-square-foot retail center sold for $8 million. Ashish Vakhariya, Seth Haron and Darin Gross facilitated the transaction on behalf of both buyer and seller as investment specialists in Marcus & Millichap’s Detroit office.
Vakhariya commented that “the property was anchored by Kroger and Big Lots accompanied by a mix of local and regional tenants” which drove strong investor interest due to its exceptional location with highly sought after grocery anchor. The marketing efforts generated multiple offers resulting in an all cash buyer with short escrow timeframe.
The asset is situated on 9.35 acres located on the southwest corner of W Argyle Street and N Wisner Avenue in Jackson; it was renovated back 2004 as well..
