100% Occupied Retail Strip | Hard Corner | 3140-3184 12 Mile Rd
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100% Occupied Retail Strip | Hard Corner 3140-3184 12 Mile Rd
19,047 SF 100% Leased Retail Building Online Auction Sale Berkley, MI 48072
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Investment Highlights
- 100% occupied retail strip center along 12 Mile Road.
- Multiple ingress/egress options to access parking lot.
- Affluent demographics – 16,250 people with a median household exceeding $97,450 within a 1-mile radius.
- Excellent visibility - positioned on a hard corner of signalized intersection.
- Recent extensions demonstrate a strong commitment to the location on behalf of the tenants.
- Convenient access to major thoroughfares including Woodward Ave, I-696, and I-75.
Executive Summary
Colliers is pleased to present for sale 3140-3184 12 Mile Road (the “Property” or the “Asset”) located in Berkley, Michigan. The 19,880 square foot retail strip center is 100% occupied by three tenants and a sub-tenant, all of which have demonstrated a strong commitment to the location.
The Property features excellent visibility off of a signalized intersection. The Property features street parking off 12 mile, but also has more parking behind the Asset, which is accessible from multiple ingress/egress options off Gardner Avenue and Griffith Avenue.
The Property’s location boasts an affluent demographic. Within a 1-mile radius of the Asset, there are 16,249 people with a median household income within a 1-mile radius of the Asset is $97,456, placing it above the national average. Within a 5-mile radius, the population grows to 310,884 with a median household income of $87,661.
The Asset is located along 12 Mile Rd in close proximity to major thoroughfare Woodward Avenue, which experiences over 60,400 vehicles per day (2023). Additionally, the Asset is located only a few miles from Interstate 696 and Interstate 75, providing for wider regional access.
The Property is located within the Royal Oak Retail Submarket (the “Submarket”), consisting of 1,817 buildings totaling 12.1 million square feet of retail.
The Submarket is performing well with a vacancy rate of 5.1%. This is in-line with the 10-year average of 5.2%, which shows the stability and consistency of the Submarket. Neighborhood centers have a 5.1% vacancy, power centers have a 1.7% vacancy, strip centers have an 8.8% vacancy, and general retail has a vacancy rate of 4/9% currently. As of Q4 2024, there is 9,300 square feet of retail under construction.
The market rents in the Royal Oak Submarket are $19.93/SF, changing year-over-year by 4%, compared to the 3% change across Detroit as a whole. The recent annual rental growth is strong compared to the 5-year and 10-year averages of 2.9% and 3.2%, respectively, showing the growth and vitality of the Submarket.
The Submarket has consistently experienced strong trade volumes and investments. Over the past year, 78 properties totaling 400,000 square feet of retail traded for $24.5 million.
Additionally, the Submarket benefits from its inclusion of and access to multiple thoroughfares and expressways, including Woodward Ave, Interstate 696 and Interstate 75 allowing for quick and convenient local, regional, and national access to and from the Submarket.
Overall, 3140-3184 12 Mile Road offers an investor an excellent opportunity to acquire a fully-occupied Asset within a notable retail corridor of Berkley with quick and convenient access to Wordward Avenue and both Interstate 696 and Interstate 75.
Property tours are available by appointment only. Please contact the broker to schedule.
The Property features excellent visibility off of a signalized intersection. The Property features street parking off 12 mile, but also has more parking behind the Asset, which is accessible from multiple ingress/egress options off Gardner Avenue and Griffith Avenue.
The Property’s location boasts an affluent demographic. Within a 1-mile radius of the Asset, there are 16,249 people with a median household income within a 1-mile radius of the Asset is $97,456, placing it above the national average. Within a 5-mile radius, the population grows to 310,884 with a median household income of $87,661.
The Asset is located along 12 Mile Rd in close proximity to major thoroughfare Woodward Avenue, which experiences over 60,400 vehicles per day (2023). Additionally, the Asset is located only a few miles from Interstate 696 and Interstate 75, providing for wider regional access.
The Property is located within the Royal Oak Retail Submarket (the “Submarket”), consisting of 1,817 buildings totaling 12.1 million square feet of retail.
The Submarket is performing well with a vacancy rate of 5.1%. This is in-line with the 10-year average of 5.2%, which shows the stability and consistency of the Submarket. Neighborhood centers have a 5.1% vacancy, power centers have a 1.7% vacancy, strip centers have an 8.8% vacancy, and general retail has a vacancy rate of 4/9% currently. As of Q4 2024, there is 9,300 square feet of retail under construction.
The market rents in the Royal Oak Submarket are $19.93/SF, changing year-over-year by 4%, compared to the 3% change across Detroit as a whole. The recent annual rental growth is strong compared to the 5-year and 10-year averages of 2.9% and 3.2%, respectively, showing the growth and vitality of the Submarket.
The Submarket has consistently experienced strong trade volumes and investments. Over the past year, 78 properties totaling 400,000 square feet of retail traded for $24.5 million.
Additionally, the Submarket benefits from its inclusion of and access to multiple thoroughfares and expressways, including Woodward Ave, Interstate 696 and Interstate 75 allowing for quick and convenient local, regional, and national access to and from the Submarket.
Overall, 3140-3184 12 Mile Road offers an investor an excellent opportunity to acquire a fully-occupied Asset within a notable retail corridor of Berkley with quick and convenient access to Wordward Avenue and both Interstate 696 and Interstate 75.
Property tours are available by appointment only. Please contact the broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financial Statements
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Detroit - MI USA
Market Cap Rate
Detroit - MI USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Freestanding
Building Size
19,047 SF
Building Class
C
Year Built
1948
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.58
Lot Size
0.76 AC
Zoning
BI
Parking
60 Spaces (3.15 Spaces per 1,000 SF Leased)
Frontage
Walk Score ®
Very Walkable (85)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
16,272
132,566
309,024
2020 Population
16,496
134,701
313,802
2029 Population
16,109
131,249
305,694
2024-2029 Projected Population Growth
-1.0%
-1.0%
-1.1%
Daytime Employees
16,920
70,622
212,514
Total Businesses
3,015
10,361
26,544
Average Household Income
$105,799
$110,724
$105,742
Median Household Income
$88,345
$87,523
$81,756
Total Consumer Spending
$239.1M
$2B
$4.4B
Median Age
39.3
40.9
40.5
2024 Households
7,269
60,235
138,564
Percent College Degree or Above
28%
29%
26%
Average Home Value
$283,870
$330,251
$321,072
$ values in USD
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 CAD | |
| Land Assessment | $0 CAD | Total Assessment | $944,564 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$944,564 CAD
Sale Advisors
Sale Advisors
Barry Swatsenbarg, Executive Vice President
(248) 226-1660
Contact
In 2015, Barry joined Colliers International to expand the Colliers Detroit office reach with his investment sales expertise. He is consistently in the top 200 nationally for Colliers. Barry has been an active investment sales agent for over 24 years, transacted on over 500 deals; 15,000 apartment units and more than 30M SF of commercial assets. Barry has been awarded Everest Club at Colliers for the last several years. (The Everest Club recognizes the top 10% of producers and is Colliers highest award.)
Through his activity with the valuation and disposition of value-add and stabilized, income producing properties, he has successfully worked through periods of economic growth and contraction. He has an extensive history of producing sale results with outside of the box solutions to maximize value.
Over the years, Barry has transacted on hundreds of complicated dispositions, that included receivership, lender debt, REO and stabilized assets. He operates exclusively as a sell-side broker, with transactions spreading across all major investment commercial real estate property types. He has navigated through multitudes of unique and complex scenarios.
Barry is regarded as a highly trusted and well-connected industry expert. He is called upon by financial institutions, private clients and peers alike, for his candid market insight and ability to create effective asset management plans for disposition to aid clients with their ongoing business planning. The results maximize value; regardless of the quality of the asset.
Through his activity with the valuation and disposition of value-add and stabilized, income producing properties, he has successfully worked through periods of economic growth and contraction. He has an extensive history of producing sale results with outside of the box solutions to maximize value.
Over the years, Barry has transacted on hundreds of complicated dispositions, that included receivership, lender debt, REO and stabilized assets. He operates exclusively as a sell-side broker, with transactions spreading across all major investment commercial real estate property types. He has navigated through multitudes of unique and complex scenarios.
Barry is regarded as a highly trusted and well-connected industry expert. He is called upon by financial institutions, private clients and peers alike, for his candid market insight and ability to create effective asset management plans for disposition to aid clients with their ongoing business planning. The results maximize value; regardless of the quality of the asset.
Matt Terrace, Senior Vice President- Investments
(248) 514-7126
Contact
For close to a decade Matt has completely immersed himself in many different aspects of commercial real estate, from retail to development to construction to acquisitions and dispositions, but specializes in Commercial Investment Dispositions and Acquisitions. Matt was exposed to the industry at a young age as it is a family passion handed down through generations. In December 2010 he obtained his bachelor’s degree from the University of Michigan – Dearborn in Business Management. Matt has served both private and institutional clients such as Garrison Investment Group, True North Investments, LNR Partners and Alidade Capital. He has also worked with a number of national Tenants in the market including Pet Supplies Plus, Czarnowski and Nuance Communications. Matt’s successful approach stems from the ideology of fully comprehending his client’s needs and consistently putting them first.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Cheri Mascitelli
Contact
Auctioneer License:
Ten-X, LLC Arlene Richardson RE Brkr 6505431586
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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100% Occupied Retail Strip | Hard Corner | 3140-3184 12 Mile Rd
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