Westland, Mich. — Marcus & Millichap has arranged the $3.5 million sale of a restaurant property net leased to On the Border Mexican Grill in Westland, about 16 miles west of downtown Detroit. On the Border has 14 years remaining on its lease. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, an individual trust. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the buyer, a limited liability company.
Lake Orion, Mich. — The Boulder Group has arranged the $4.1 million sale of a single-tenant retail property occupied by Firestone in Lake Orion, about 38 miles north of Detroit. The net-leased, 6,116-square-foot building is located at 25 Indianwood Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate developer. A Southeast-based private real estate investor was the buyer.
Saginaw, Mich. — Mid-America Real Estate Corp. has arranged the sale of Valley Center, a 409,000-square-foot shopping center in the Central Michigan community of Saginaw. The property was 88 percent leased at the time of sale to tenants including T.J. Maxx, HomeGoods, Dick’s Sporting Goods, Burlington, Michaels, PetSmart, Barnes & Noble, DSW, Old Navy, Ulta Beauty, Five Below and Dollar Tree. Ben Wineman and Daniel Stern of Mid-America represented the seller, an institutional investor. A private family office was the buyer.
Holland, Mich. — JLL Capital Markets has arranged the sale of Felch Street Shopping Center, a 166,100-square-foot retail center in Holland, about 29 miles from Grand Rapids. Amy Sands, Clinton Mitchell, Michael Nieder and Matthew Schoenfeldt of JLL represented the undisclosed seller. A private fund based in the Southeast purchased the property. Located at 12635 Felch St., the property was fully leased at the time of sale to tenants including Barnes & Noble, Bed Bath and Beyond, Jo-Ann Fabrics, Old Navy, Jonathan Stevens Mattress, Party City, PetSmart, Shoe Carnival, T.J.Maxx …
Dearborn, Mich. — KJ Commercial has brokered the $10.5 million sale of a 52,000-square-foot retail center in Dearborn, about 9 miles from Detroit. Rite Aid and Goodwill anchor the fully leased property. Kevin Jappaya and David Jappaya of KJ Commercial represented the seller, the center’s original developer, as well as the buyer, a local real estate investor.
Royal Oak, Mich. — The Boulder Group has negotiated the $2.8 million sale of a single-tenant retail property net leased to Chipotle Mexican Grill in Royal Oak, a northern suburb of Detroit. The 2,400-square-foot building is located at 305 W. 11 Mile Road. Chipotle has a 12-year lease at the property. Randy Blankstein and Jimmy Goodman of Boulder Group represented the buyer, a West Coast-based private individual. A Midwest-based real estate investment firm was the seller.
Lansing, Mich. — Marcus & Millichap has negotiated the sale of a 14,559-square-foot retail property net leased to Walgreens in Lansing for $6.2 million. Walgreens has over nine years remaining on its lease at the property, which is located at 6421 W. Saginaw Highway. James Ziegler, Keith Zelenika and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based private investor. A New York-based private investor completing a 1031 tax-deferred exchange was the buyer.
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 …