DOMINANT CENTER IN MARKET:
- Cascade Crossing is the largest shopping center in Sault Ste. Marie. With minimal competition, the subject property is the dominant center in the market.
VALUE-ADD OPPORTUNITY: LEASE-UP / POTENTIAL OUTLOTS:
- With 17,000 SF vacant in-line, and 2,000 SF vacant in the outparcel strip center directly off of 3 Mile Road, investors will have the opportunity to lease-up the shopping center, increase the NOI and also internal returns.
- The southern boundary of the parking lot has been approved for outlot development.
BEST IN CLASS TENANT/CREDIT STRENGTH:
- TJ Maxx, Hobby Lobby, Kohls and Dollar Tree are considered best in class, e-commerce resistance tenants including Hobby Lobby (exp. 2030), TJ Maxx (exp. 2027), Dollar Tree (exp. 2025), and Harbor Freight (exp. 2030). TJ Maxx has an investment grade A2 credit rating.
- All of tenants in the center have expanded and excelled during the pandemic.
INTERNATIONAL BORDER AND TOURISM:
- Sault Ste. Marie, MI has a population of approximately 14,144 people, and its twin city in Canada has a population of 80,000. The two cities are joined by the International Bridge (5,400 VPD), which is 2.8 miles long and connects Michigan and Ontario Canada. The Sault Ste. Marie International Bridge is the only vehicular crossing between Ontario and Michigan within a 300-mile distance.
- It is estimated that 500,000 people visit Sault St. Marie and the Soo Locks each year.