KALAMAZOO -- Bradley Co. LLC has closed on a multi-tenant retail center in Norton Shores, the South Bend, Ind.-based real estate brokerage and property management firm announced Monday.
The transaction was valued at more than $1.8 million.
The 10,500 square foot retail center at 5169 Harvey St. in Norton Shores is located along Muskegon County’s retail corridor. At the time of sale, Bradley Co. acquired two new tenants to make the center fully occupied.
Jodi Milks, a vice president at Bradley Co., represented the seller. The buyer was not disclosed.
“While the retail sector has experienced increased vacancy levels due to big box store closings on the national level, in West Michigan, there has been continued interest from investors and tenants to purchase and occupy retail centers and grocery-anchored developments that cater to local residents and the many visitors who support the local tourism economy,” said Brad Toothaker, president and CEO of Bradley Co., in a statement.
According to a report released Monday by NAI Wisinski of West Michigan, the retail market for the region continues to be strong, with a vacancy rate of 6 percent. The vacancy rate for the Lakeshore sector, which includes Norton Shores, is 6.2 percent. This is still “remarkably strong,” according to NAI Wisinski.