Investor purchases mall
A West Michigan mall has been purchased by an Ohio-based investor.
The 95,000-square-foot Sattler Square shopping center, 710 Perry Ave., Big Rapids, has been purchased by an unnamed Cincinnati-based investor. The center is less than a mile from Ferris State University.
The seller and sale price also were not disclosed. Sattler Square was listed on the NAI Wisinski of West Michigan website for $5.1 million.
“The buyer was drawn to this stabilized shopping center because the capitalization rate was more attractive than what can be found in larger markets,” said Cameron Timmer, an NAI Wisinski investment associate who represented both sides of the deal.
The shopping center, built in 1989, is 96 percent occupied and anchored by Tractor Supply and Big Lots. Other tenants in Sattler Square include Maurice’s, GNC, Rue 21 and H&R Block.
NAI Wisinski investment associate Russ Bono, who represented the seller and buyer with Timmer, said the firm saw interest in the property from multiple parties.
Timmer said the buyer plans minor improvements to the site, but liked the stability of the property.