A grocery anchored shopping center that features a diverse lineup of national retailers, all paying below market rents, within the heart of Portage’s main retail node.The Portage Center is being delivered at an attractive cap rate of 7.00%, with a value-add opportunity through the lease-up of the vacant inline shop space.The subject property is being offered at a price point that is substantially below replacement value, with attractive assumable financing. The long-term established tenancies displays commitment to this particular shopping center within the market.The Portage Center sits within the largest premier retail node in southwestern Michigan, and is easily accessible from Interstate 94, a heavily trafficked east-west thoroughfare that runs through the entire state of Michigan. Portage Center benefits from excellent visibility along South Westnedge Avenue, which is a north-south road that funnels into downtown Kalamazoo. Just south of the subject property is the Crossroads Mall, which is owned and operated by Brookfield Properties Retail Group and features over 80 retailers. Other retailers adjacent to and across the street from the subject property include ALDI, Home Depot, Dick’s Sporting Goods, Hobby Lobby, TJ Maxx, ULTA, Old Navy, Fresh Tyme Markets, and numerous national and regional tenants that create a dynamic retail node.
