Property Type: Retail
Status: Major Price Reduction
Address: 4301-4361 Franklin Street
Michigan City, IN 46360
|CAP Rate: 9%|
Square Feet: 114,867
Tenancy Type: Mixed
Lease Type: NNN
*PLEASE EMAIL SCROWE@COOPERGRP.COM TO OBTAIN A COPY OF THE FULL OM*
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in Lake Park Plaza anchored by Hobby Lobby and JoAnn Fabrics and Crafts and shadow anchored by Big R Stores in Michigan City, Indiana. The 114,867 S.F. retail center is being offered for a reduced price of $6,045,000, representing $53/SF and an attractive 9.00% CAP Rate.
The 88% occupied center also center provides upside through the lease-up of the remaining vacant units. Many of the tenants at Lake Park Plaza have been in place for many years and have continued to exercise renewals proving their commitment to the center and the market. The rent roll consists of an excellent mix of national, regional and local tenants and draws from the anchors, Hobby Lobby and JoAnnís, along with the plazaís shadow retailers including Big R, Red Lobster, KFC and Chase Bank.
Lake Park Plaza boasts high visibility and frontage along the main retail corridor, Franklin Street. The asset is strategically positioned as one of the first centers when entering the commercial corridor from I-94 and I-80/90 (Indiana toll road). Additionally, the property is located just south of Route 20 that runs across the entire state of Indiana. The center has a prominent location being surrounded by Menardís, Meijer, Kohlís, Buffalo Wild wings, Starbucks, Olive Garden, Panera Bread, Culverís, Marquette Mall/Office Tower and several hotels that help to provide a constant, steady flow of traffic near the center. The LaPorte County/Michigan City retail hub serves an increased population base for over half of the year in comparison to approximately 110k residents that call the area home all year long. This fluctuating population is a result from many people claiming residency in tax friendly southern states, which drastically understates actual area population and income levels. Many retailers know this somewhat unique market dynamic, and due to the larger regional and tri-state (Indiana, Illinois and Michigan) pull of this market, big name retailers have targeted Michigan City as an ideal location to do business.
Lake Park Plazaís position in the business corridor is located approximately 50 miles east of Chicago and 40 miles west of South Bend, Indiana. Michigan City is noted for both its proximity to the Indiana Dunes National Lakeshore and for bordering Lake Michigan which draws a significant amount of tourism in the summer months. One of the biggest attractions just 3 miles north of the center on the Lake Michigan coast is the Blue Chip Casino. This casino is the largest riverboat in Indiana. The Blue Chip just finished building the biggest building in all of northwest Indiana by adding a 22-story hotel. The casino draws from the Chicago market as a getaway destination. The Michigan City community has average household incomes of near $60,000 within a 5-mile radius and has enjoyed continual growth over the last several years. The LaPorte Regional Health System/Franciscan Health Hospital is currently building a new hospital on an 86-acre site at the northwest corner of U.S. 421 and Interstate 94. The 130-bed project is expected to be completed in 2018. With the propertyís desirable location in a continually growing area and inviting appearance, the featured asset is positioned to be a solid investment for many years to come.