Rochester Hills, Mich. — Burlington is set to backfill a 31,059-square-foot space formerly occupied by Stein Mart at Winchester Center in Rochester Hills, about 25 miles north of Detroit. RPT Realty owns the shopping center, which is located at the southwest corner of Rochester and Avon roads. Tjader Gerdom, Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented RPT in the lease transaction.
Troy, Mich. — Continental Realty Corp. (CRC) has acquired Oakland Plaza and Oakland Square, two shopping centers totaling nearly 392,000 square feet in Troy. The combined purchase price was $34 million. Together, the properties were 87 percent leased at the time of acquisition. Tenants include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels, Ulta Beauty, Five Below and Planet Fitness. Amy Sands and Clinton Mitchell of JLL represented the undisclosed seller. This was the first acquisition for CRC’s Opportunistic Retail Fund, a private equity fund formed this year …
Marshall, Mich. — Kmart is closing its final store in the state of Michigan, according to local media reports. The last remaining store is in Marshall, which is located just east of Battle Creek and about 45 miles south of Lansing. The store is expected to close in November. Kmart opened its first location in Garden City, Michigan, in 1962. At its prime in the 1990s, Kmart operated more than 2,300 locations in the United States. The current parent company of Kmart, Transformco, also owns Sears, which recently unveiled plans …
Grand Rapids, Mich. — NAI Wisinski of West Michigan has negotiated the sale of Alpine Summit Shopping Center in Grand Rapids for an undisclosed price. The 136,942-square-foot shopping center is located at 3165 Alpine Ave. The center is fully occupied by Ulta Beauty, HomeGoods, Marshalls, Petco, Party City, CATO, Sola Salons, America’s Bride and ABC Warehouse. Bob Lotzar and Bill Tyson of NAI Wisinski represented the undisclosed buyer in the transaction. NAI Wisinski also serves as the property manager.
Detroit — Meijer is scheduled to open its new Rivertown Market in Detroit’s East Jefferson Corridor on Wednesday, Oct. 6. This will be the fourth neighborhood market opened by Meijer and the second in metro Detroit. The small-format grocery concept is focused on bringing a mix of local, fresh food and value to customers in the area. The 42,000-square-foot store will include an assortment of fresh and prepared foods, including bakery items, fresh meat and deli offerings. The Rivertown Market will include a Great Lakes Coffee shop.
Wyoming, Mich. — 3 Gatos Brewery has opened its first location within Chateau Centre at 1760 44th St. in Wyoming, a southern suburb of Grand Rapids. At 3 Gatos Brewery, the food and beer are influenced by Brazilian and German cultures. The founders, Linus and Renata De Paoli, named the brewery after their three cats. Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord. Todd Roesler of Keller Williams GR East represented the tenant.
Clinton Township, Mich. — SRS Real Estate Partners has brokered the $2.5 million sale of an Aldi ground lease in Clinton Township, about 20 miles north of Detroit. The 19,744-square-foot, single-tenant building is located at 39827 S. Groesbeck Highway. Aldi has roughly 18 years remaining on its lease at the property, which was built in 2009. Frank Rogers and Michael Carter of SRS represented the seller, a Michigan-based private investor. SRS also represented the buyer, a Midwest-based private investor.
Southfield, Mich. — Friedman Real Estate has brokered the sale of the former Northland Mall in Southfield, a northern suburb of Detroit. The sales price was $11.1 million, according to the Detroit Free Press. Friedman was hired in 2017 to act as the City of Southfield’s real estate consultant and broker to market the redevelopment site. Contour Development was the buyer. Contour plans to build new residences, commercial space and amenities. Contour’s plan includes an adaptive reuse of the former J.L. Hudson Co. department store building into Hudson City Market, …
St. Clair Shores, Mich. — Cohn Commercial Properties has brokered the sale of a former Kroger store in St. Clair Shores, about 13 miles northeast of Detroit. The 51,021-square-foot building is located at 22332 East 9 Mile Road. Harry Cohn of Cohn Commercial, along with CBRE, represented the seller, The Kroger Co. The buyer was St. Clair Retail Management LLC.
Monroe, Mich. — Cohn Commercial Properties has brokered the sale of a former Target store spanning 96,000 square feet in Monroe, about 40 miles southwest of Detroit. The building is located at 2121 N. Monroe St. The sales price and seller were undisclosed. Harry Cohn of Cohn Commercial represented the buyer, Richmond Main LLC, which will occupy the building for its auto parts business.
