SRS Real Estate Partners has completed the $7.6 million sale of Shops at Edelweiss Village, a 51,857-square-foot property located at 859 Edelweiss Village Parkway in Gaylord, Michigan. Built in 2004 and situated on 12.95 acres, the property is 78% occupied and was sold as a value-add opportunity.
SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a Michigan-based family partnership. The buyer was a Michigan-based group of private investors and owners of retail centers throughout the state, and was represented by Kevin Jappaya and David Jappaya of KJ Commercial Real Estate Advisors.
The property’s anchor store is Dollar Tree with other tenants including Pet Supplies Plus, Kay Jewelers, AT&T, and Sally Beauty.
“This property’s anchor tenant, Dollar Tree, has been at the center since it was built 20 years ago and recently extended its lease through 2034,” said Mousavi. “The asset provides the new ownership with strong national brands as well as significant upside potential by leasing the remaining vacancies in a dense retail corridor. This was one of two sales we facilitated for the seller to achieve their objectives of exiting their retail assets. We received multiple offers reflecting the demand for under $10 million value-add retail centers.”
The Shops at Edelweiss Village is situated between Lowe’s and Walmart and is within the city’s prime retail center.
SRS Capital Markets has completed more than $1.7 billion in deal volume this year, comprised of more than 500 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.