Dennis Gershenson, president and CEO, said the acquisition meets company criteria, and has an excellent potential for growth.
The property is located on the south side of Five Mile Road, east of Merriman, in the eighth largest city in Michigan.
A Grand Rapids retail center called Sherman Center was sold to Sherman Shopping Center for more than $10 million.
Completed in 1996, the property has a tenant roster including Office Max, PetSmart, and Circuit City. Other tenants include Old Country Buffet and Ruby Tuesday.
The 85,380-sf center is 100 % occupied. The seller was not disclosed.
Anne Galbraith, associate director, and Jeffrey Shell, seniordirector of Cushman & Wakefield of Southfield represented the seller.
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