Marcus & Millichap Arranges Sale of Kroger-Anchored Center

Marcus & Millichap announced the sale of a multi-tenant, grocery-anchored retail center in Jackson, Michigan. Located at Merchants Crossing, a 110,070-square-foot retail center, the asset sold for $8 million. Ashish Vakhariya, Seth Haron, and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office, facilitated the transaction on behalf of the buyer and seller.

“The property was anchored by Kroger and Big Lots, accompanied by a mix of local and regional tenants,” says Ashish Vakhariya, senior vice president of investments and director of Marcus & Millichap’s National Retail Group and Net Leased Properties Group. “The asset’s exceptional location and highly sought-after grocery anchor drove strong investor interest. Our marketing efforts generated multiple offers, procuring an all-cash buyer, and resulted in a short escrow timeframe.”

Located on the southwest corner of W. Argyle and N. Wisner in Jackson, the center was renovated in 2004 and is situated on 9.35 acres.

Marcus & Millichap is beginning the fall with two timely webcasts. Click here for on-demand replays of “Positioning for Opportunity in Today’s Multifamily Market,” with insights from both in-house experts and institutional owners. On Sept. 26, Hessam Nadji will host a conversation with Lloyd Blankfein, former chairman and CEO of Goldman Sachs, with CRE industry leaders joining the conversation. Click here to register.