Other tenants at the center include Hollywood Video, Hallmark,Fantastic Sam's and Papa John's Pizza. The 94%-occupied center wasbought because the buyers like the West Bloomfield demographics,says Ashish Vakhariya, a senior associate with Marcus &Millichap who represented both buyer and seller on the deal.


"The sellers were the original developers in 1997, they enjoyedthe cash flow for 10 years, but the partners wanted to go indifferent directions now for equity," Vakhariya tells GlobeSt.com."The purchasers had equity they needed to place, and they felt thisis a strong market." Vakhariya was assisted on the sale by JohnGodwin and Simon Jonna.


Mall REIT Ramco-Gershenson Properties Trust just bought the OldOrchard Shopping Center in the township, in a $20-million plan tobring two new anchor tenants onto the site. Vakhariya says the areahas great appeal to retailers. "Michigan is going through sometough economic times, but if you look at some of the pockets, WestBloomfield is just really strong. You've got that trade corridoralong M-5, with Commerce Township and Novi, and quite a fewhealthcare projects going in nearby. These health care facilitieswouldn't be spending millions on new hospitals if they didn't thinkthe demographics and population will continue to grow," hesays.

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