Oakland Mall Sold For How Much?
- Michael Paul
In the midst of a worldwide epidemic that has further jolted the brick-and-mortar retail business, a buyer from Baltimore is placing a gamble of $34 million on the success of a crucial property in Troy that is located directly across from Oakland Mall.
- Private equity firm Continental Realty Corp.
- Has acquired Oakland Center and Oakland Square, two commercial properties located at the intersection of 14 Mile Road and John R Road that together encompass about 392,000 square feet.
- According to a news release, among of the businesses that have rented space in the retail complex that is 87 percent leased are T.J.
Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels, and Planet Fitness. “The possibility of purchasing two high-quality properties at prices lower than their replacement costs in a congested in-fill site was appealing to us,” you may say. The statement was made by Josh Dinstein, who serves as senior vice president for acquisitions at Continental Realty.
These assets will remain in good condition in the long run because to the strong fundamentals offered by the greater Detroit metropolitan region. We are able to have confidence in our capacity to produce a high risk-adjusted return to our investors as a result of favorable financing, a low vacancy rate across the Troy retail sector, and a paucity of new supply.” According to CoStar Group Inc., a real estate information service based in Washington, D.C., the retail market in Troy, which encompasses both the southern portion of the city and the northern portion, has retail assets with a value of approximately $1.3 billion and approximately 8.6 million square feet.
These figures were obtained from the Troy retail market. According to CoStar, the vacancy rate for retail properties is 4.6 percent and the lease rates are $30.33 per square foot per year in the southern sector of the city. On the other hand, the vacancy rate for retail properties in the northern part of the city is 4.8 percent and the rents are $21.78 per square foot per year.
According to the findings of a market assessment published by CoStar, “the influence of the coronavirus on the market may lead to enduring structural changes within the retail sector.” “Because brick-and-mortar merchants may be unable to adjust to the changing environment, it is possible that consumers’ spending and shopping patterns may be irreversibly changed as a result of the growth of e-commerce.” In comparison to the greater metro Detroit region as a whole, that is an impressive result.
In a report titled “2021 Retail Outlook,” Marcus & Millichap Real Estate Advisors Inc. stated that the region’s retail vacancy is expected to fall to 6% from 6.5 % and that rents are ticking upward, with a 1% increase to $14.50 per square foot. Additionally, the report stated that the region’s retail vacancy is expected to fall to 6% from 6.5 %.
Oakland Plaza consists of three buildings with a combined total of 171,500 square feet and has a lease occupancy rate of 71 percent, whereas Oakland Square consists of three buildings with a combined total of about 220,200 square feet and has a lease occupancy rate of 100 percent. Although Continental Realty claims to have spent more than $140 million on shopping malls and bought more than 760,000 square feet of retail space since the beginning of the COVID-19 epidemic, this deal represents the company’s first excursion into the retail sector in the Detroit region.
The seller, Urban Retail Properties LLC, was represented by the Chicago headquarters office of the brokerage company JLL. Urban Retail Properties LLC is situated in Boca Raton, Florida. Amy Sands, a JLL broker who was involved in the transaction and worked on the purchase, said in a statement, “We are continuing to see high demand for well-located, stable retail malls positioned outside of primary areas.” “Investors continue to move into the Midwest in quest of yield and product, increasing price to levels greater than what it was prior to the COVID.” A representative from Continental Realty’s public relations department stated that the business did not have a brokerage agency working on the transaction.
The representative also mentioned that the organization is in the process of deciding who would be in charge of property management and leasing at the location. Restoration work on the National Theatre’s brickwork Downtown’s historic National Theatre, which was designed by Albert Kahn, is currently undergoing exterior renovation.
According to a spokesperson for Dan Gilbert’s Bedrock LLC real estate company, the project at the theater, which ultimately envisions having its facade restored as an entryway into whatever becomes of Dan Gilbert’s Monroe Blocks development, is expected to be completed by the middle of the following month.
It is anticipated that the section of the structure located in the rear will be leveled. The Monroe Blocks project was officially kicked off in 2018, but Bedrock has not yet begun any vertical construction since the company is in the process of reimagining its initial concept, which called for high-rises that contained both office and residential space.
At the Crain’s Detroit Business Detroit Homecoming event that took place earlier this month, CEO Kofi Bonner stated that the business is “working aggressively on the Monroe Blocks,” adding that it “will probably be under construction” within the next three to five years.
Who bought Oakland Mall in Troy Michigan?
A new business entity now controls the Oakland Mall in Troy. Mario Kiezi, a real estate investor, made the announcement on Monday that he had bought the massive retail mall located near Interstate 75. The mall has a total area of 1.5 million square feet.
- At two o’clock on Monday, Kiezi is going to discuss the reasons for his decision to purchase the shopping center as well as his future plans for its renovation.
- The shopping center first opened in 1968, and Macy’s, JC Penney, Dick’s Sporting Goods, and At Home are among its major retailers.
- In addition, his company, MKiezi Investments, purchased the formerly occupied space of Sears at the shopping center a year ago.
Kiezi is a commercial landlord for several Savvy Sliders and Popeyes restaurants in the area, as well as the owner of commercial real estate in the states of Ohio and Michigan. On the video-sharing platform TikTok, you may find him posting frequently under the username @mariokiezi.
In addition, he is the owner of a property in Midtown Detroit located on Woodward. This building is now occupied by the old Union Street restaurant as well as Midtown Liquor & Deli, and the landlord is actively looking for a grocery store tenant. Get in touch with JC Reindl by calling 313-222-6631 or sending an email to [email protected]
You may find him on Twitter under the handle @jcreindl. Learn more about business by perusing more resources, and consider subscribing to our business newsletter.
Where is Oakland Mall in Michigan?
The Oakland Mall can be found in Troy, Michigan, and features 124 different retail establishments. You may find information about shopping at Oakland Mall by scrolling down, including the store list (directory), locations, mall hours, contact information, and address.412 W.14 Mile Road, Troy, Michigan – 48083 is the address for both sites and addresses.
What was the first store in Oakland Mall?
Sears was the first retail establishment to call the current location of the Oakland Mall home when it opened its doors in 1965. In 1968, the mall itself first opened its doors, and one of the mall’s anchor stores was Hudson’s. In addition to it, there was a S.S.
Resge dime shop there.1979 saw the completion of an extension that resulted in the addition of a two-story wing anchored by JCPenney. In 1999, Borders Books & Music first opened its doors. This Borders location, which was once a Winkleman’s apparel store, was the first one in Michigan to be situated within a shopping center.
The movie theaters ceased operations in the year 2000 and were subsequently repurposed as Steve & Barry’s, which also ceased operations at the beginning of 2009. In 2001, Hudson’s became Marshall Field’s after being rebranded. In 2004, the idea of having a Lord & Taylor as the fourth department store in the shopping center was floated; however, the store was never built.
- The Marshall Field’s name, along with the nameplates of other May Co.
- Department stores, was changed to Macy’s in September of 2006.
- Borders bookstores stopped operating in 2011 when the business declared bankruptcy.
- In 2013, Forever 21 relocated from its previous site in the Sears wing to the space that had previously been occupied by Borders.
Late in 2014, the Gibraltar Furniture and Rug store, which had been located in the space formerly occupied by Steve & Barry’s, ceased operations. In this region, a new Dick’s Sporting Goods was relocated from the retail complex located directly across the street to the mall, which first opened its doors in the fall of 2015.
- In the Macy’s wing, H&M has opened a store that is 20,000 square feet in size.
- In March 2015, Field & Stream established a store to the northwest of JCPenney.
- In 2016, CBRE took over management of the shopping center.
- Sears Holdings completed the spinoff of 235 of its properties, including the Sears location in Oakland Mall, as Seritage Growth Properties in the year 2015.
On the Seritage property, there are further outparcels for the businesses Krispy Kreme and Logan’s Roadhouse. In 2017, Oakland Mall used a strategy very similar to that taken by Macomb Mall’s Sears and converted a portion of the mall’s Sears into an At Home store.
- Sears made the announcement that their outlet at the Oakland Mall will be shutting on June 28, 2018, as part of a larger plan to shutter 78 stores around the country.
- The retail establishment ceased operations on September 2, 2018.
- The automobile service business was remodeled to become a DieHard.
- The sale of the Field & Stream store to Sportsman’s Warehouse was finalized in October 2019 by Dick’s Sporting Goods.
The Oakland Mall was purchased by CenterCal Properties in 2020, and then it was then sold to Mario Kiezi in March 2022. Mario Kiezi has stated that he intends to restore the shopping center. The more established main floor of the shopping center
Where can you shop in Oakland?
Keeping with the spirit of Oakland, each and every purchase made in The Town is an original. Ambitious businesspeople are establishing pop-up shopping communities and artisan lanes that are stocked with things created in the immediate area. Are you looking for something that is a little bit more traditional? Some of the most magnificent antique digs in the neighborhood can be found in Rockridge and along Piedmont Avenue.
There is a national buzz being generated about the bohemian businesses that can be found along Temescal Alley. These boutiques range from horticultural havens to Southwestern jewelry artisans. To round out the shopping options, Oakland also includes a few locations of major chains of retail stores. A great number of stores in Oakland are now also available online! Many locally owned and operated companies in Oakland are continually revising their opening hours, reservation policies, and product and service offerings.
We strongly suggest making a call in advance to receive the most recent information from each company.
Where is Oakland plaza located?
Information on shopping in Oakland Plaza, including the stores that are located there (19 total), full hours of operation, thorough directions with a map, and GPS coordinates. Location: Troy, Michigan, 14 Mile and John R, Troy, Michigan – 48083, United States of America Thanksgiving, Black Friday, and holiday work schedules.