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306-338 N Bittersweet Rd
Mishawaka, IN 46544
Bittersweet Plaza · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Value-Add opportunity, shadow anchored by Martin’s Super Markets, with nearly 12,000 square feet currently vacant and in rent ready condition
- Priced at a 7.4% CAP on the current, in-place NOI, with the ability to push the cap rate to nearly 10.5% by leasing up the vacant space
- Although not included in the offering, the adjacent Martin’s Super Market has historically demonstrated robust per square foot sales figures
- In addition to the shop space, the property also includes a developable padsite, as well as a separately parceled PNC Bank and a Martin's Fuel Station
- Given the asking cap rate and available debt, the property will cash flow substantially on day one while an investor executes their value-add strategy
- Mishawaka is located next to South Bend, home of Notre Dame University and part of the third largest MSA within the business friendly State of Indiana
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in Bittersweet Plaza, a 36,531 square foot grocery shadow anchored retail
center located in Mishawaka, just outside South Bend, Indiana. Priced at a 7.4% CAP on the current, in-place net operating income, the building is positioned to meaningfully
cash flow at the asking price. The most compelling aspect of this opportunity is the optionality with which one can approach several complimentary value-add strategies.
Bittersweet Plaza is currently 68% occupied, with two vacant suites that will significantly add to the property’s cash flow once leased. The plaza will be conveyed along with a
single tenant, triple drive-thru PNC Bank – with notably high deposits – as well as an additional half-acre developable outparcel. Adjacent to the outparcel, Martin’s leases
a fuel station that currently pays $15,000 in ground rent annually. Though Martin’s has two years of term remaining on that lease, as well as two flat 5-year option
periods, the long-term potential of the fuel station is enormous.
It is not as if this upside can all be unlocked overnight, but for a patient investor with time on their side, this is a rare opportunity to create value over the entirety of their
hold period, while enjoying cash flow along the way.
By all accounts, the Martin’s Super Market is high performing, and though it is owned separately, Martin’s is still responsible for their pro rata share of parking lot expenses,
and as a result are contributing substantially to the gross income of Bittersweet Plaza. This is important because Martin’s contributions to overall CAMs help ease the amount
of expense leakage that one would typically see in a 68% occupied retail center.
Martin’s Super Market is known as the dominant grocer in this part of the country. Although Martin’s is currently owned by Spartan Nash, C&S Wholesale Grocers, the
8th largest privately held company in the United States, is in the process of acquiring them in a deal expected to close at the end of 2025.
Please reach out to Marcus & Millichap with additional questions about Bittersweet Plaza.
center located in Mishawaka, just outside South Bend, Indiana. Priced at a 7.4% CAP on the current, in-place net operating income, the building is positioned to meaningfully
cash flow at the asking price. The most compelling aspect of this opportunity is the optionality with which one can approach several complimentary value-add strategies.
Bittersweet Plaza is currently 68% occupied, with two vacant suites that will significantly add to the property’s cash flow once leased. The plaza will be conveyed along with a
single tenant, triple drive-thru PNC Bank – with notably high deposits – as well as an additional half-acre developable outparcel. Adjacent to the outparcel, Martin’s leases
a fuel station that currently pays $15,000 in ground rent annually. Though Martin’s has two years of term remaining on that lease, as well as two flat 5-year option
periods, the long-term potential of the fuel station is enormous.
It is not as if this upside can all be unlocked overnight, but for a patient investor with time on their side, this is a rare opportunity to create value over the entirety of their
hold period, while enjoying cash flow along the way.
By all accounts, the Martin’s Super Market is high performing, and though it is owned separately, Martin’s is still responsible for their pro rata share of parking lot expenses,
and as a result are contributing substantially to the gross income of Bittersweet Plaza. This is important because Martin’s contributions to overall CAMs help ease the amount
of expense leakage that one would typically see in a 68% occupied retail center.
Martin’s Super Market is known as the dominant grocer in this part of the country. Although Martin’s is currently owned by Spartan Nash, C&S Wholesale Grocers, the
8th largest privately held company in the United States, is in the process of acquiring them in a deal expected to close at the end of 2025.
Please reach out to Marcus & Millichap with additional questions about Bittersweet Plaza.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Supermarket
Building Size
36,531 SF
Building Class
C
Year Built/Renovated
1992/2004
Price
$6,784,171 CAD
Price Per SF
$185.71 CAD
Cap Rate
7.40%
NOI
$502,101 CAD
Percent Leased
20%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
4 Exterior
Building FAR
0.14
Lot Size
6.21 AC
Zoning
C-2 - Commercial
Parking
429 Spaces (11.74 Spaces per 1,000 SF Leased)
Frontage
619’ on N Bittersweet
PROPERTY TAXES
| Parcel Number | 71-10-18-201-001.000-022 | Improvements Assessment | $2,878,458 CAD |
| Land Assessment | $724,091 CAD | Total Assessment | $3,602,549 CAD |
PROPERTY TAXES
Parcel Number
71-10-18-201-001.000-022
Land Assessment
$724,091 CAD
Improvements Assessment
$2,878,458 CAD
Total Assessment
$3,602,549 CAD
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