DPI Retail Acquires $3.1 Million Drug Store Building in Midland, Michigan
EL SEGUNDO, CA Oct. 16, 2023 – DPI Retail announces the $3.1 Million completed acquisition of a single-tenant, freestanding retail property occupied by Rite Aid in Midland, Michigan, completing a 1031 exchange.
Tom Lagos and Patrick Toomey, investment specialists with Institutional Property Advisors (IPA) in El Segundo, California, and Enrique A. Wong, First Vice President and Manager of Marcus and Millichap’s Los Angeles, California office, facilitated the transaction on behalf of both parties.
This outparcel to a Kroger anchored center, consists of 11,180 square feet on 2.62 acres of land at the primary three-way intersection of Ashman Street, Saginaw Road, and Jefferson Avenue. The property provides convenient access, excellent visibility, and offers a combined daily traffic count of 34,754 vehicles.
Midland is the fifth largest city in the state of Michigan with a population of 42,000 residents. This is an affluent area only 15 minutes west of Sturgeon Bay (Lake Huron), offering a high quality of life and low cost of living. The area acts as a tourist destination with numerous shopping and dining options, a vibrant downtown district, and a thriving local business community. Midland is home to Northwood University and the corporate offices of Dow Chemical, a Fortune 500 company.
About DPI Retail
DPI Retail (and its subsidiary companies) is a multi-faceted real estate investment company with expertise in management, development and redevelopment, finance, and leasing. The firm’s focus is to manage, develop and/or renovate shopping centers to institutional quality standards to benefit the company, its tenants, and the communities it serves.
For media inquiries, please contact:
Jonathan Khoury
Vice President, Real Estate
DPI Retail
310-360-3663
[email protected]
www.DPIRetail.com