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Lakes Crossing, a 104,600 square foot shopping center in Norton Shores, Michigan, presents a compelling value-add investment opportunity. This multi-tenant property boasts a 96% occupancy rate and a strong NOI of $1,494,299, yielding a 9.75% cap rate at an asking price of $15,325,000. Key tenants include Party City, Shoe Carnival, and Pet Supplies Plus, contributing to a stable and consistent income stream. The center benefits from a prime location at 5663 Harvey St, near the intersection of East Sternberg Road and U.S. Route 31, and adjacent to an I-96 interchange, ensuring high visibility and accessibility. This location draws from a substantial trade area encompassing over 180,900 residents within a ten-mile radius, boasting an average household income of $80,000. The property also benefits from a seasonal influx of tourists drawn to the area's beaches and the presence of a nearby hotel, providing an immediate customer base. Further enhancing the property's appeal are shadow anchors Kohl's and Chick-fil-A, generating significant foot traffic. The Kohl's location, recently remodeled and featuring a Sephora, is ranked highly among Michigan stores. The property offers immediate value-add potential through the lease-up of a 4,024 square foot vacant space and the development of up to 3.5 acres of vacant land for additional retail or non-retail uses. Ample parking is available with 1,044 spaces. This well-positioned shopping center provides a stable, institutional-quality asset with significant upside potential for investors seeking a strong return.
Highlights
Dominant regional retail location at the highly trafficked intersection of East Sternberg Road and Harvey Street (24,387 VPD), adjacent to US Route 31 (36,997 VPD) and I-96, drawing customers from Muskegon, Grand Haven, and Grand Rapids.
Strong demographics, including Norton Shores' affluent population (over 180,900 within 10 miles, $80,000 avg. household income), seasonal tourist influx, and an on-site 83-room Fairfield Inn & Suites.
Strong tenant performance with shadow anchors Kohl's and Chick-fil-A (940,000 combined annual visits), 96% occupancy, and a high percentage of long-term tenants (73% of GLA operating for over a decade). Joann Fabrics recently restructured, improving financial health.
Immediate value-add opportunity from leasing a 4,024 SF vacant space and developing up to 3.5 acres of vacant land for additional retail or non-retail uses. Kohl's recently remodeled and added Sephora. The center receives over 2.5 million annual visits.
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