David Long, senior associate with CB Richard Ellis, tellsGlobeSt.com the buyer owns the mall across the street, which madethe acquisition a smart move. "By most mall performance standards,The Somerset Collection is one of the top performing malls in theU.S. The buyers will at some point create a comparable project onthis quadrant of the intersection," he says.
Long, with colleague Robert Mahoney, represented the seller.
The facility, which sits on 40 acres at 3100 W. Big Beaver Rd.,was vacated by Kmart in 2006 when the company merged with SearsRoebuck & Co. Kmart transferred its headquarters to HoffmanEstates, IL.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
