WEST BLOOMFIELD, MI-Mid-America Real Estate Group, a ChainLinks affiliate that’s based in the suburbs of Chicago, has opened up a new office today in the Detroit area through the joining together of brokers from two local offices. About a dozen professionals from the offices of Lormax Stern and LaKritz Weber will run the new office, based here, and will focus on retail leasing and sales.
As most people know that Detroit is not exactly a booming retail bonanza right now, the principals of the new firm say the timing was more about making the right move for their careers at the potential bottom of a hopefully growing market. Tony Schmitt, formerly with LaKritz, tells GlobeSt.com that the two companies had already been working with Mid-America through affiliations with Atlanta-based ChainLinks Retail Advisors.
“We do think that retail sales have started to pick back up, particularly in the past three months,” Schmitt says. “Sure, a couple of years ago retail expansion stopped across the board in the Detroit area, as the world turned uncertain about the city, and the automotive industry even more so. But people are starting to feel comfortable around here again, there’s a positive vibe.”
With virtually no development going on through the Southeast Michigan area, Schmitt says it’s a great time for Class A and even B properties to gain some traction back through new demand. He says there’s been a few chains looking for locations in Detroit. “We’re seeing a lot of activity from restaurants such as Logan’s Roadhouse and Five Guys,” Schmitt says.
The LaKritz brokers who joined the new firm include Schmitt, Brad Rosenberg, Gabe Schuchman, Adam Goodman and even company founder Bill LaKritz, a local icon with more than 35 years in the business. Schmitt says LaKritz was open to the change of pace of not owning a firm any longer, and the company will close up shop.
Lormax will stay open as a development firm, but loses its brokerage team that includes Jack Uhazie, Daniel Stern, Susan Acciaioli and Chris Brochert. A representative from Lormax did not return calls for comment on this story.
Mid-America has retail offices in Oakbrook Terrace, IL, Milwaukee and Minneapolis. The new Detroit office will handle the project leasing of more than 200 shopping centers and more than 50 retailers across Michigan, said Jeff Kuchman, a principal with the Illinois office. “Detroit is the second most populous market in the Midwest with great potential for all of our core business lines,” he said in a statement.
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