Marcus & Millichap has completed the sale of Village Crossing, a 17-suite retail strip property located in Spring Arbor, Michigan. The property sold for $5,475,000. Village Crossing is a 53,900-square-foot, multi-tenant retail center at 7845 and 7851 Spring Arbor Road.

“Village Crossing was a retail center with strong historical occupancy but came with challenges as it was in a tertiary market,” said Darin Gross, first vice president of investments. “Nonetheless, we were able to procure multiple offers and close the deal within 97.27% of our asking price.” Gross, Seth Haron and Ashish Vakhariya, investment specialists in Marcus & Millichap’s Detroit office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.

The property consists of two buildings on an 8.4-acre lot and is 94.37% occupied, primarily under triple-net leases. Village Crossing is anchored by Henry Ford Health, which recently extended its lease for five years with annual rent increases.