HFF announces the $16.7 million sale of Grandville Marketplace, a 224,479-square-foot power center in the Grand Rapids suburb of Grandville, Michigan.
The HFF team marketed the property on behalf of the seller, Retail Value Inc. (RVI). RCG - Grandville, LLC purchased the property.
Constructed in 2001, the 80.4-percent-occupied power center is home to 15 tenants, including Hobby Lobby, Office Max, PetSmart, Cost Plus World Market, Logan’s Roadhouse, Party City, Dollar Tree, Five Below and America’s Best Contacts and Eyeglasses. Additionally, the center is shadow anchored by Lowe’s and has several outparcel pads, which are leased to Discount Tire, Famous Dave’s, Wendy’s and Flagstar Bank. Situated on 32.64 acres at 4485 Canal Avenue SW, Grandville Marketplace is at the northwest corner of Rivertown Parkway and Canal Avenue in Grandville, which is one of Grand Rapids’ oldest suburbs and is positioned about 10 miles southwest of downtown. More than 20,500 households earning an average annual household income of $77,000, which is 15 percent above the Midwest average, are within a three-mile radius of the center.
The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell along with managing director Matthew Schoenfeldt.
Holliday GP Corp. is a Michigan licensed real estate broker.
About Retail Value Inc.
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of DDR Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
About RCG Ventures LLC
RCG Ventures LLC (RCG) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States. The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership. Visit http://rcgventures.com for more information.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
