The transaction, which closed in Q1 2022, includes a 86,479 square foot former Kmart located on 7.93 acres within the Marshall Plaza shopping center in Marshall, MI.
Located at 15861 W Michigan Ave, the property is situated one mile east of downtown Marshall, adjacent to Hwy I-69. With a strong existing tenant list, a solid mix of retail offerings, and excellent accessibility to the broader area via Highways I-69 and I-94, Marshall Plaza is the premier shopping destination in the market.
Working closely with both the City of Marshall, B. Riley Real Estate is in planning to redevelop the former Kmart space in order to bring a group of new, dynamic national retail tenants into the Marshall market, only enhancing the strength of Marshall Plaza.
"The redevelopment of Marshall Plaza is the ideal initial acquisition for our Opportunistic/Value-Add Acquisitions Platform," said Michael Jerbich, President at B. Riley Real Estate. "As the last Kmart location closed when the retailer exited the Michigan market, this store was a strong retail performer. The strength of the existing center coupled with the future growth of the Marshall market, including the planned Megasite development initiative, makes this a compelling investment opportunity. With considerable national retailer interest and a strong working relationship with the City of Marshall and its Economic Development Alliance, B. Riley Real Estate is excited to reimagine Marshall Plaza and bring new retail options into the community."
The B. Riley Real Estate acquisition platform is focused on opportunistic investments that leverage both the experience and expertise of the BRRE team, as well as the broader capital resources and financial acumen of the B. Riley Financial platform to unlock real estate asset value. Through both unilateral investments and joint venture partnerships, the firm will target a range of opportunities across many sectors.
In addition to its real estate investment capabilities, B. Riley Real Estate provides public and private companies, financial institutions, investors, family offices and individuals a broad range of value-add real estate services in both healthy and distressed situations, including traditional property sales & brokerage, sale-leasebacks, real estate portfolio management & lease restructuring, and real estate advisory & strategic planning services.
ACQUISITION PLATFORM & PROPERTY LEASING INQUIRIES
If you would like additional details on this acquisition platform or have interest in potential leasing opportunities for the Marshall Plaza redevelopment, please reach out to Michael Jerbich to discuss (312-894-7621; firstname.lastname@example.org)
B. RILEY REAL ESTATE
B. Riley Real Estate is led by an experienced team with a practice focused on maximizing real estate value through the acquisition, sale, financing, leasing, and development of commercial property. On a combined basis, our principals have sold over $6 billion in assets and more than 25 million square feet of real estate across retail, multifamily, office, industrial, distribution centers, and land. We have managed projects which have collectively achieved over $1 billion in lease savings for our clients, both in and outside of bankruptcy.
B. RILEY FINANCIAL
B. Riley Financial ("B. Riley") provides collaborative solutions tailored to fit the capital raising and business advisory needs of its clients and partners and is ranked #2 on Fortune's 100 fastest-growing companies 2021. B. Riley operates through several subsidiaries that offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, real estate, due diligence, forensic accounting, litigation support, appraisal and valuation, auction and liquidation services. B. Riley is headquartered in Los Angeles with offices across the U.S. as well as an international presence. For more information, please visit www.brileyfin.com.