SRS Real Estate Partners Completes Sale of Grocery Property in Michigan

SRS Real Estate Partners has completed the $6.92 million sale of a single-tenant grocery property located at 2103 Parkview Avenue in Kalamazoo, Michigan.

The 29,000-square-foot freestanding grocery property is situated on 2.33 acres and is occupied by D&W Fresh Market, operated by a subsidiary of C&S Wholesale, under a corporate-guaranteed absolute triple net lease. Originally built in 1955, the property has a current lease extending through 2031, with approximately five years remaining, and includes three five-year renewal options.

SRS Capital Markets Senior Vice President Jeff Gates represented the seller, a Toronto-based investor group. The buyer was an institutional investor. “Single-tenant grocery properties continue to be among the most sought-after net lease investments due to their ability to generate durable cash flow and perform well across economic cycles,” said Gates. Located along Parkview Avenue in one of Kalamazoo’s primary retail corridors, the property is surrounded by a strong mix of national retailers and restaurants.

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