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9423 Telegraph RdRedford Township, MI 48239
Redford Plaza
Asset ClassRetail
Occupancy95%
Square Feet: 308,078Year Built: 1956Year Renovated: 2019Access Data Room
Grocery Anchored Shopping Center in Dense Trade Area
overview of deal

Overview

Cushman & Wakefield Retail Investment Advisors proudly present Redford Plaza (the Property), a 308,078-square-foot grocery-anchored shopping center in Redford, Michigan, in the Detroit MSA. Anchored by Sun Valley Supermarket, operated by a local expert with 53 years of operating experience, and supported by national credit tenancy including Burlington, Ross Dress For Less, Harbor Freight Tools, Dollar Tree, and Citi Trends, the Property features a diverse tenant mix with 50% of revenue generated from national brands. Located on 22.98 acres at the high-visibility intersection of Telegraph Road and Chicago Street (66,633 VPD) and just two miles from I-96 (144,879 VPD), Redford Plaza includes a pad site for future outparcel development, and is currently 95% leased.

 

The Property offers long-term cash flow stability with a 5.4-year WALT and multiple anchor leases extending into the 2030s. Income growth is driven by contractual rent bumps, leasing the remaining 5% vacancy, pad development and significant mark-to-market potential with rollover rents up to 66% below market in specific categories resulting in a projected 10-year NOI CAGR of 4.5%. Combined with its proven retail location, strong tenant mix, and embedded growth opportunities, Redford Plaza is well-positioned to provide both stability and upside for investors.

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Investment Highlights

Weighted Average Lease Term
5.4 Years
  • Proven Tenant Stability with 53% of the GLA Maintaining Space for 7+ Years
  • Grocery Anchored by Sun Valley Supermarket operator experience dating back to 1972
  • Includes Pad Site for Future Outparcel Development & two existing STNL properties
  • Dense Demographics (121K within 3 Miles) High Visibility at Telegraph Road (59K+ VPD) & Chicago Street (7K+ VPD)
  • 10-Year CAGR: 4.5% NOI Growth Driven by Contractual Rent Bumps, Lease-Up of 5% Vacancy, Pad Development and
  • Mark-to-Market Opportunities
  • Ideal Merchandising Mix with Grocery, Medical, Discount, and Service Uses
  • New leases with national credit tenants like Burlington, Ross, Aaron’s leading to a 28% increase in visits over 3 years
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9423 Telegraph RdRedford Township, MI 48239
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Listing provided by Revere CRE