Property Info

Zetabid is pleased to present this private exclusive sealed bid sale of Logan Square; one of Lansing Michigan’s largest community retail centers. The center is approximately 270,000 square feet on 18.5 acres with 1,756 parking spaces (over 6:1000). Additional development of out-parcels is feasible with the frontage and excess parking (subject to any parking requirements created by tenant use, government planning and zoning regulations). With 78% vacancy and pricing near $11.50/SF, this represents a strong opportunity for institutional value add retail developers to consider. The main building was built in the 1960's and served as a major retail hub of Lansing, the state capital of Michigan, and is part of the Lansing/ East Lansing MSA with over 470,000 residents and annual household income of $50,000 per year. A second 36,000 square foot building was built in the late 1980s. Occupancy for the older center is 22% and the newer building stands at 76% occupied (blended 30% occupancy).

For Offering Memorandum and diligence documents please click the button on the top right.

  • State : MI
  • Property Type : Retail
  • Square Feet : 270000
  • Lot Size : 18.5 Acres
  • Year Built : 1962
  • Building 2 Year Built : 1988
  • Original Center Year Built : 1962
  • Cap Rate : 12.6%
  • NOI : $390,000
  • Diligence Period : 15 days
  • Closing : 30 days total
Status:Active

Additional Information

Zetabid is pleased to present this private exclusive sealed bid sale of Logan Square; one of Lansing Michigan’s largest community retail centers. The center is approximately 270,000 square feet on 18.5 acres with 1,756 parking spaces (over 6:1000). Additional development of out-parcels is feasible with the frontage and excess parking (subject to any parking requirements created by tenant use, government planning and zoning regulations). With 70% vacancy and pricing near $11.5/SF, this represents a strong opportunity for institutional value add retail developers to consider. The main building was built in the 1960s and served as a major retail hub of Lansing, the state capital of Michigan, and is part of the Lansing/ East Lansing MSA with over 470,000 residents and annual household income of $50,000 per year. A second 36,000 square foot building was built in the late 1980s. Occupancy for the older center is 22% and the newer building stands at 76% occupied (blended 30% occupancy).

Starting Bid: $3,100,000
  • Buy Now Price :$3,100,000
  • Bids Received :4

Documents

Auction Contact

Broker Contact

  • Name :None
  • Phone :(424) 888-6068