SRS Real Estate Partners has finalized the $7.6 million sale of Shops at Edelweiss Village, a 51,857-square-foot retail center located at 859 Edelweiss Village Parkway in Gaylord, Michigan.
The transaction was brokered by Matthew Mousavi and Patrick Luther, Senior Managing Principals at SRS Capital Markets, who represented the seller—a family partnership based in Michigan. The buyer was a Michigan-based private investment group that owns multiple retail properties across the state. They were represented by Kevin Jappaya and David Jappaya of KJ Commercial Real Estate Advisors.
Originally built in 2004, the property spans 12.95 acres and was 78% occupied at the time of the sale. Marketed as a value-add opportunity, the center’s anchor tenant is Dollar Tree. Other national brands at the location include Pet Supplies Plus, Kay Jewelers, AT&T, and Sally Beauty.
“This asset provides the new ownership with strong national brands as well as significant upside potential by leasing the remaining vacancies in a dense retail corridor,” said Mousavi.
