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2950-2992 Center Ave Essexville, MI 48732

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For Sale
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Essexville, MI storefront opportunity. High-growth potential.

Property size:
64,957 SF

Property Features for 2950-2992 Center Ave

General Information

Property type
Individual retail properties
Square Feet
64,957 SF

Building Details

Year Built/Renovated
1996/2019

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Listing Contact
Max Lippitt
Max Lippitt

Listing Agency: Landmark Commercial Real Estate Services Listing Agent: Max Lippitt

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

Majestic Square, a 64,957 square foot multi-tenant retail center located at 2950-2992 Center Ave, Essexville, MI 48732, presents a compelling investment opportunity. This property, built in 1996 and renovated in 2019, boasts a prime location directly adjacent to a high-performing Kroger supermarket, which has operated at this location for over 25 years and experienced a 30% increase in same-store sales since 2020. A significant anchor tenant, JOANN Fabrics, occupies 22% of the gross leasable area (GLA) under a long-term lease expiring January 31, 2029. JOANN, a national leader in fabric and craft retail, has been a tenant since 1996. Currently, the center has 29.98% occupancy, offering substantial value-add potential through the lease-up of vacant, move-in ready suites. The building's exterior has recently undergone updates. The property's Net Operating Income (NOI) is $40,677, and the remaining lease term is approximately 4.2 years. This presents a unique chance to capitalize on a strong location, established anchor tenants, and a significant opportunity for increased occupancy and revenue. The property's location in Bay County, Michigan, provides excellent access to a thriving consumer base.
Property Profile Location Intelligence

Current Use by Public Records

Retail space

Suggested Use

Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Essexville
County
Bay
State
Michigan
Longitude
-83.8455616
Latitude
43.5930591

FAQs

What type of property is this?
Individual retail property - Essexville, MI storefront opportunity. High-growth potential.
Where is this individual retail property located?
The property is located at 2950-2992 Center Ave Essexville, MI.
What are key features of this property?
This property features: High-performing Kroger grocery store immediately adjacent, operating successfully for over 25 years with 30% same-store sales growth since 2020.; Strong anchor tenant JOANN Fabrics, occupying 22% of gross leasable area (GLA), under long-term lease expiring 1/31/2029, operating at this location since 1996.; Significant value-add opportunity: 29.98% occupancy allows for lease-up of vacant, move-in ready suites; building facades recently updated.
More about this property
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