Madison Realty Capital Sells Richmond Plaza

The 155,781-square-foot retail center in Richmond, Mich., sold to Statewide Richmond LLC in an off-market transaction. The property has nearly 39,000 square feet available for lease.

Richmond Plaza, Richmond, Mich.
Richmond Plaza, Richmond, Mich.

Friedman Integrated Real Estate Solutions mediated the sale of Richmond Plaza, a 155,781-square-foot retail center in Richmond, Mich. Statewide Richmond LLC, a local investor, acquired the property from Madison Realty Capital.

The multi-tenant asset occupies 21 acres at 67300-67500 Main St. and is anchored by Kmart. The shopping center is located just outside downtown and offers 825 parking spaces and excellent visibility from Main Street. Currently, Richmond Plaza has roughly 39,000 square feet of space available for lease. Suites vary in size from 1,200 to 31,170 square feet, according to Friedman’s website.

Occupancy increased by 10 percent

In February 2016, Josh Miller, senior associate of investment advisory services at Friedman, took over leasing for the property. In the past year and a half, occupancy grew from 65 to 75 percent, after Kmart, Family Video and HP Printing renewed their leases; at the same time, Treasure Friends Daycare expanded its space within the center by 2,000 square feet. Also, Richmond Athletic Club and Richmond Hearing Solutions joined Richmond Plaza’s tenant roster.

Miller also brokered the sale of the Michigan retail property.

Image courtesy of Friedman Integrated Real Estate Solutions