5663 Harvey St Norton Shores, MI 49444

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.