Destination retail center near Grand Rapids sells

CHICAGO, Feb. 21, 2022 – JLL Capital Markets announced today that it has closed the sale of Felch Street Shopping Center, a 166,100-square-foot, fully leased destination retail center in the Grand Rapids community of Holland, Michigan.

JLL marketed the property on behalf of the seller. A private fund based in the Southeast purchased the asset.

Felch Street Shopping Center is 100 percent leased to a complementary lineup of national and regional tenants, including Barnes & Noble, Bed Bath and Beyond, Jo-Ann Fabrics, Old Navy, Jonathan Stevens Mattress, Party City, PetSmart, Shoe Carnival, T.J.Maxx and Ulta Beauty. Additionally, the center is shadow anchored by a Lowe’s Home Improvement.

Positioned at 12635 Feltch St., the center is in Holland, a western Michigan community that attracts more than one million visitors each year and that Forbes named one of “America’s Prettiest Towns.” Felch Street Shopping Center is at the highly visible location at the intersection of US Highway 31 and Riley Street in the heart of a dominant regional shopping corridor. The center serves an extended trade area with nearly 40 percent of visitors traveling from more than 10 miles away.

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder, along with Managing Director Matthew Schoenfeldt.  

“We continue to see an influx of new capital targeting open-air retail in the Midwest due to the stability and attractive yield profile relative to other domestic regions,” Mitchell said. “JLL’s national platform was key in identifying a first-to-market investor who had not previously invested in the region.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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