Cleeman Realty Group is pleased to announce the off-market sale of a single tenant net lease D&W Fresh Market grocery store in Grand Haven, MI. The property is located on approximately 5.05 acres and consists of 53,910 SF. D&W Fresh Market is a subsidiary of SpartanNash (NASDAQ: SPTN) and operates 11 stores in the Michigan area. The tenant has been at this location since 1995 and recently underwent an extensive renovation in 2016 which included a new store interior, roof, parking lot, lighting, and mechanical fixtures.
Michael Cleeman and Sam Seelenfreund of Cleeman Realty Group represented the buyer while Greg Bol of Visser Development Company represented the seller in this off-market transaction.
“The buyer was attracted to the strong sales volume at the store and the NNN lease that has no landlord obligations,” said Cleeman. “The seller felt this was an opportune time to exit the investment as single tenant grocery assets have continued to see a compression in cap rates these past few months,” said Seelenfreund.
Cleeman Realty Group is a full-service real estate advisory and investment group, specializing in the investment sales of retail, multifamily and industrial properties throughout the United States. The Cleeman team utilizes deeply rooted industry contacts to identify and evaluate off-market transactions with unparalleled efficiency. To sell your property or to inquire about our available acquisition opportunities, please contact one of our team members at www.cleeman.com