Waterside Marketplace

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Chesterfield Township (Detroit MSA), MI

 

     

   Waterside Marketplace is a 291,000 square foot Class A shopping center located in the Northeast Detroit, MI MSA.

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     The center is anchored by TJ Maxx, Best Buy, Dick's, Bed Bath and Beyond, Old Navy, DSW, Joanns, Ulta, and others. Shadow anchors JC Penney and Lowes drive additional traffic to the center. The asset is 94% occupied in a submarket with average occupancy of 97%. The site also includes three parcels that have not been developed yet - representing a unique value add opportunity in a stabilized market

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      Waterside Marketplace is located in a Super Regional trade area with strong national retailer presence and deep destination draw from surrounding communities. The center has great visibility to Intertate 94 (80,000 vpd) and sits ust off 23 Mile Road (30,000 vpd). . Demographics in the area are strong with 44,000 people living in a 3 mile radius and over 100,000 living in a 5 mile radius earning average incomes over $80,000.

 

       PMAT was able to acquire this center at a significant discount to the original basis from an institutional seller that is exiting this market. Waterside Marketplace is the dominant retail cente rin the market and existing tenants show strong sales performance. PMAT is planning to add further value by capitalizing on the pent up retailer demand by further developing this center and adding additional retail spaces.