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Kentwood, MI - Guitar Center - Availability Details

2891 Radcliff Avenue SE, Grand Rapids, MI 49512

  • For Sale $2,479,000
  • Property Type Retail - Freestanding
  • Property Size 11,416 SF
  • Property Tenancy Single Tenant
  • Year Renovated 2021
  • Date Updated Mar 21, 2022
Guitar Center, the adjoining Whole Foods Grocery space, and the surrounding shopping center have recently undergone a complete rehabilitation. Current ownership has invested significant capital toward a brand new roof, loading dock, building facade, and parking lot, and has also replaced 2 of the 4 HVAC units serving the Guitar Center space. Recent improvements mitigate the risk of short-term capital expenditures required by a new investor. Headquartered in Westlake Village, California, Guitar Center is the world’s largest musical instruments retailer with approximately 294 locations across the United States. After filing for bankruptcy in November of 2020 amidst effects of the Covid-19 pandemic, the retailer quickly rebounded via an immediate $800M reduction of overall debt, while simultaneously securing $350M in new secured notes. The life cycle of Covid-19 ended up correlating to more people purchasing musical instruments, and the company was projected to experience record sales in 2021 (per NPR.org / Music Trades). The subject property is strategically located between 28th Street and 29th Street at their signalized, hard corner intersections with Radcliff Avenue SE, averaging a combined 48,600 vehicles passing by daily. The site is ideally situated across from Woodland Mall (976,292 SF) and The Shops at Centerpoint (520,459 SF), two major shopping centers that significantly increase consumer draw to the immediate trade area and promote crossover store exposure for the site. Located within the heart of West Michigan’s largest retail corridor, the asset is within close proximity to a variety of national/credit tenants including The Home Depot, Costco Wholesale, Lowe’s Home Improvement, Sam’s Club, Kohl’s, Macy’s, and more, further increasing consumer traffic to the trade area. In addition, the site is surrounded by a multitude of apartment complexes including Springbrook Flats (114 units), Ridgewood (240 units), Camelot Woods, and Windridge (330 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by more than 216,000 residents and 141,000 daytime employees with an average household income of $82,150.
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Location

  • City Grand Rapids, MI
  • Neighborhood Kentwood
  • Zip Code 49512
  • Market Grand Rapids

Contacts

broker

Pat Weibel

San Diego

(760) 932-0141

Contact Listing Broker

broker

Pat Weibel

San Diego

(760) 932-0141

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