Cedar Street Shopping Center
Lansing, MI

Property Snapshot | 73,417 SF community shopping center in Lansing, MI anchored by Goodwill and Harbor Freight and positioned along a high-traffic retail corridor across from Meijer.

Acquired: 9/11/2025

Cedar Street Shopping Center is a multi-tenant retail center located at 6250 South Cedar Street in Lansing, Michigan. The property is strategically positioned along South Cedar Street, which sees more than 25,000 vehicles per day, and directly across from a newly developed Meijer that continues to drive traffic and retail activity throughout the corridor.

At acquisition, the center was approximately 93% leased to a mix of national and local tenants, including Harbor Freight, Goodwill, and Applebee’s. The property was acquired significantly below replacement cost, creating an opportunity to improve long-term value through active leasing and operational improvements.

Criterion’s business plan focused on reducing basis, increasing long-term net operating income, and improving lease structure throughout the center. As part of the acquisition strategy, the Applebee’s parcel was sold to a third-party buyer shortly after closing, allowing for an immediate reduction in basis and enhancement to overall investment performance.

Additional value-add initiatives include leasing remaining vacancies, increasing rents toward market levels as leases renew, and converting gross leases to NNN lease structures where possible. The property’s below-market in-place rents and established retail positioning provide multiple opportunities to drive future income growth through disciplined asset management.

Cedar Street Shopping Center reflects Criterion’s investment strategy of acquiring well-located retail properties with durable anchor tenancy, stable in-place cash flow, and identifiable opportunities to create additional value over time.