Neighborhood Retail Center 931-981 W Huron St 26,903 SF 90% Leased Retail Building Waterford, MI 48328 $2,397,333 ($89.11/SF) 7.71% Cap Rate

Marcus and Millichap is pleased to present Colony Square, a 26,903 square foot multi tenant neighborhood retail center at 931 to 981 West Huron Street in Waterford Township, Michigan. The property sits near the prominent intersection of South Telegraph Road and West Huron Street, one of the most traveled crossroads in Oakland County. This high profile corner benefits from a combined traffic count of approximately 43,550 vehicles per day, providing strong visibility and consistent daily activity along both major corridors. Colony Square is currently 90.34 percent occupied, with three suites available for immediate lease up.
The center is anchored by Joe’s Army Navy, a long standing retailer occupying 9,840 square feet on a triple net lease. Joe’s Army Navy has operated at Colony Square for more than 30 years, providing exceptional anchor stability and reinforcing the property’s durable tenancy profile. The remaining tenants include a mix of service, retail, restaurant, educational, and community focused users supported by strong surrounding neighborhoods and steady commuter traffic. The property also offers meaningful upside potential through its remaining vacancy and no tenant options, creating opportunities for rent growth as tenants renew. Built in 1972 on a 2.35 acre parcel, the property is surrounded by an established commercial corridor anchored by major national retailers including Meijer, Kroger, The Home Depot, Target, and Costco.
Colony Square is strategically located in Oakland County, one of Michigan’s most affluent and economically influential counties. With more than 1.2 million residents, Oakland County is defined by strong household incomes, high educational attainment and a diverse employment base. The immediate trade area reflects this strength with more than 123,000 residents within three miles and more than 330,000 residents within five miles, supported by more than 150,000 households and average household incomes ranging from $102,000 to $113,000.
Colony Square benefits from proximity to several major regional destinations, including Great Lakes Crossing Outlets in Auburn Hills, Pine Knob Music Theatre in Clarkston, M1 Concourse in Pontiac, Oakland County International Airport and Trinity Health Oakland Hospital. Additional demand generators such as McLaren Oakland Hospital and multiple Henry Ford Health facilities contribute to strong daytime population and consistent traffic throughout the corridor. The property is further supported by nearby Oakland University and two Oakland Community College campuses in Waterford and Auburn Hills, which expand the area’s employment base and add a substantial student population that reinforces steady daily activity.
Local development momentum continues to elevate market fundamentals. Downtown Pontiac is undergoing significant revitalization, including demolition of the Phoenix Center, new parking infrastructure and the planned relocation of 600 to 700 Oakland County employees into renovated office space by approximately 2027. Waterford Township’s Master Plan 2044 outlines long-term strategies for enhancing commercial corridors, mobility and community character. Additionally, discussions surrounding the future closure and potential sale of Oakland Community College’s Highland Lakes campus present a large-scale redevelopment opportunity. Collectively, these initiatives reinforce the long-term positioning, stability and upside potential of Colony Square as a well-located and demand-supported neighborhood retail asset.