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| 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.
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| 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.
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| 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.
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| 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.
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.
CONTACT:
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
