Thursday, August 30, 2018

HFF announces $16.7 million sale of Grand Rapids, MI power center


Grandville Marketplace, Grandville, MI

CHICAGO, IL –– HFF announces the $16.7 million sale of Grandville Marketplace, a 224,479-square-foot power center in the Grand Rapids suburb of Grandville, Michigan.
Amy Sands

The HFF team marketed the property on behalf of the seller, Retail Value Inc. (RVI).  RCG - Grandville, LLC purchased the property.

Constructed in 2001, the 80.4-percent-occupied power center is home to 15 tenants, including Hobby Lobby, Office Max, PetSmart, Cost Plus World Market, Logan’s Roadhouse, Party City, Dollar Tree, Five Below and America’s Best Contacts and Eyeglasses. 

Clinton Mitchell

Additionally, the center is shadow anchored by Lowe’s and has several outparcel pads, which are leased to Discount Tire, Famous Dave’s, Wendy’s and Flagstar Bank.

  Situated on 32.64 acres at 4485 Canal Avenue SW, Grandville Marketplace is at the northwest corner of Rivertown Parkway and Canal Avenue in Grandville, which is one of Grand Rapids’ oldest suburbs and is positioned about 10 miles southwest of downtown. 

More than 20,500 households earning an average annual household income of $77,000, which is 15 percent above the Midwest average, are within a three-mile radius of the center.

The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell along with managing director Matthew Schoenfeldt.

Holliday GP Corp. ("HFF") is a Michigan licensed real estate broker.

Matthew Schoenfeldt
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange.  RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of DDR Corp.  RVI focuses on realizing value in its business through operations and sales of its assets.  

Additional information about RVI is available at www.retailvalueinc.com.

RCG Ventures LLC (RCG) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States.  The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership. 

Visit http://rcgventures.com for more information.

CONTACT:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990


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