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Chesterfield Township, MI
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Waterside Marketplace is a Super Regional 291,231-square-foot retail property located in Macomb County at the southwest quadrant of 23 Mile Road and Interstate 94 in Chesterfield Township, Michigan, a growing and affluent northeast Detroit suburb.
With over 525,000 square feet including un-owned “shadow” anchors, Waterside Marketplace has provided a significant retail center of gravity and has been the dominant shopping center within this geographically expansive trade area since its construction in 2007. The center consists of a diversified array of market-leading national tenants with strong sales performance and a consistent history of lease renewals. Two of the anchors were delivered in 2015 and 2016, many recent anchors have renewed their leases, and many of the tenants also have significant lease term remaining.
Waterside Marketplace has significant direct visibility to I-94 and a full interchange with 23 Mile Road, providing significant ease of access to I-94 which travels north-south and affords consumers convenient access to all communities in the northeast Detroit suburbs. It is the best positioned shopping center in the thriving and densely developed market.
This Super Regional trade area consists of 2.2 million square feet of retail at a 97% occupancy rate, and even draws customers all the way from Canada. Additional major retailers in the trade area include Target, Meijer, Home Depot, Kohl’s, Art Van Furniture, 16-screen MJR Theater, Michaels, PetSmart, and many others. Due to this significant retail concentration, the trade area even expands to draw many Canadian consumers all the way from Blue Water Bridge, the second busiest Canadian border crossing, as the first significant retail area south of the bridge via I-94.
In addition to the stable base of well-performing, credit national anchor tenants, there is also immediate value add opportunity through lease up of vacant space (17,000 SF), and through construction of additional junior anchor spaces and outparcels totaling up to 60,000 SF. PMAT has already garnered interest from multiple national tenant relationships for new stores including two national grocery store operators. With the limited grocery store competition within a 3-mile radius and the success of the existing soft goods retailers at the center, many retailers have pent up demand for an opportunity to locate at the best positioned center in this “tight” trade area with very limited retail availability given its 97% occupancy. Waterside Marketplace can provide just this opportunity under PMAT’s ownership.
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Waterside Marketplace is located in Chesterfield Township, Michigan within Macomb County, just 25 miles north of downtown Detroit. The top employers in Macomb County include General Motors, Ford Motors, McLaren Health Care, Fiat Chrysler, Henry Ford Health System, Magna International, and RCO Engineering, amongst many others.
Selfridge Air National Guard Base is located four miles south of Waterside Marketplace. The Selfridge Base is one of the military’s most complex reserve bases and is the only reserve forces base to have permanently assigned units from all five of the uniformed services. The base houses 6,000 servicemen and 1,000 daily workers providing a strong economic base to the area.
Waterside Marketplace also benefits from its close proximity to Anchor Bay, just two miles east of the shopping center. The Bay serves as an access point to Lake St. Clair and attracts significant tourism from the entire state, providing numerous entertainment opportunities including local marinas, parks, golf courses, and historic sites.
Waterside Marketplace enjoys consistent dense and moneyed demographics with 101,000 people in a 5-mile radius with incomes approaching $82,000 with an above national average growth rate of 3.2% growth. This trade area additionally draws from a broad geographic area even including many Canadian consumers that cross at the Blue Water Bridge (the second busiest Canadian border crossing) in Sarnia/Port Huron to shop this market, the first significant concentration of retail south of the bridge via I-94.
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Below are some of the most frequently asked questions about this offering.
The funding deadline is September 26th, 2018.
The first projected distribution is scheduled for October 2018.
Distributions are scheduled to go out on a quarterly basis.
No, this offering is only available to US residents.
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