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.
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.
Built in 2004 and situated on 12.95 acres, the property is 78% occupied and was sold as a value-add opportunity. The property’s anchor store is Dollar Tree with other tenants including Pet Supplies Plus, Kay Jewelers, AT&T, and Sally Beauty. “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,” said Mousavi.
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