This Retail Property is Off-Market.

42405-42871 Ford Road
Canton, MI 48187 ·

195,090 SF · Retail For Sale

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Canton Corners Shopping Center

Price N/A Occupancy 84%
Gross Leasable Area 195,090 SF No. Stories 1
Property Type Retail Tenancy Multiple
Property Sub-type
Neighborhood Center
More...
  • Community Center
  • Regional Center/Mall
Year Built 1988
Property Use Type Net Lease Investment with 10+ years left on lease Lot Size 16.56 AC
Listing ID: 16032089 Date Created: 12/18/2008 Last Updated: 05/21/2009

Description

Canton Corners Shopping Center, a Class A property, is well located in Canton, MI 15 minutes outside of Ann Arbor, MI, just off the I-275 expressway. Canton Corners is a 195,090 SF shopping center anchored by Home Goods, buybuy Baby, & Hobby Lobby. All three tenants have just signed new 10-year leases. The center has recently undergone a major renovation & has experienced aggressive leasing activity. The strength of the property & location is evidence by the fact that 10 leases for over 120,000 SF have been signed in the last 9 months alone & mainly by national tenants.

Canton Corners is ideally located on Ford Road across the street from a 311,000 SF IKEA store. The next closest IKEA is 250 miles away. The Ford Road retail corridor is one of the largest retail corridors in Southeastern Michigan. There are several million square feet of retail within the immediate vicinity. Other national retailers include Home Depot, Target, Lowes, Kohl' s, Wal-Mart, and Sam's Club only to name a few. This center is an excellent long-term investment with a stellar rent roll to provide stability and growth & is located in an exceptional trade area that will provide strong residual value.

Located in southwest Wayne County, Canton Township has been rapidly developing with planned unit developments consisting of a combination of single-family & multiple-family dwellings. Canton Township is metropolitan Detroit's fastest growing residential community. Ford Road (M-153) bisects the township on the north in an east-west direction & is Canton's main commercial corridor. Detroit Metropolitan Wayne County Airport is only 7-1/2 miles to the southeast.

The Canton DDA District generally includes properties along both the north & south sides of Ford Road between the eastern boundary of the Township (just east of I-275) & a short distance west of Canton Center Road. There are over 400 commercial entities in the Canton Downtown District Area including a wide range of retail establishments, department stores, health & other professional services, financial institutions, auto supplies & services, a variety of restaurants, sports & entertainment venues, motels, & apartment & condominium complexes. The DDA District is strategically located to serve the entire Canton Community & the wider regional market as the population in the area continues to grow.

Highlights

  • Anchored by Home Goods (S&P:A), buybuy Baby (S&P: BBB), and Hobby Lobby
  • Across the Street From a 311,000-Square Foot IKEA
  • Several Million Square Feet of Retail Within the Immediate Vicinity
  • 10 Leases for Over 120,000 Square Feet Signed Within the Last Nine Months
  • No Deferred Maintenance - Property has Undergone a Major Renovation
  • Great Visibility From Ford Road - Just Off the I-275 Expressway

Research

42405-42871 Ford Road, Canton, MI 48187 (Wayne County)

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