DRA, Pine Tree Buys Grand Rapids Retail Off-Market for $63.5M
Property represents Pine Tree’s first acquisition in Grand Rapids
A fund managed by New York-based DRA Advisors in partnership with Northbrook-based Pine Tree acquired the Shops at CenterPoint, a 537,948-square-foot super regional shopping center located in Grand Rapids, Michigan. Situated at the corner of East Beltline and 28th Street, the Shops at CenterPoint features retailers TJ Maxx/HomeGoods, Nordstrom Rack, Sierra Trading Post, DSW, Ulta Beauty, Five Below, Jon-Ann Fabrics, Planet Fitness, and Dunham Sports, among others.
The DRA-Pine Tree partnership acquired the property for $63.5 million. The Shops at CenterPoint represents Pine Tree’s first acquisition in Grand Rapids and contributes to the nearly $375 million in acquisitions for the company in the last 12 months.
Previously an enclosed mall, The Shops at CenterPoint underwent $38 million in renovations throughout 2012 and 2013 to transform into an open-air retail center. The property serves customers from the entire western Michigan tri-city area which includes Holland, Muskegon, and Grand Rapids.