Thor Equities Buys 146,000-Sf Retail Center

Thor has renamed the property--formerly known as Warren Conner Shopping Center--as the "Gallery at Warren Conner" as part of the company's growing, national portfolio of "Gallery"-branded retail assets.

Carl Reggie, marketing director for the company, said the Detroit property is a first for the firm. "Our focus is real estate shopping developments in densely populated urban areas," Reggie told GlobeSt.com. "We look for a property in the area with a below-market rate, we buy it and then look to renovate it to provide a quality shopping environment so that people living nearby won't have to go miles to the nearest store."

Located at the corner of Warren and Conner streets, Thor Equities purchased the site on May 15 from an affiliate of The Clifton Group, a real estate investment company based in Canada.

Joseph J. Sitt, chairman and CEO of the company, said absentee ownership had taken its toll on this property.

Thor Equities plans to make a number of improvements to the property, which is currently in physically deteriorated condition. The new owner plans upgrades to facades and storefronts, better parking and lighting, and roof improvements.

Reggie refused to divulge how much was paid for the property or how much it will cost to the upgrade to the facility.

Sitt said he had discussions with economic development officials representing Mayor Kwame M. Kilpatrick. "It's clear to us that Mayor Kilpatrick is committed to helping Detroit communities realize their full potential," said Sitt.

The company says it will introduce a "lifestyle center" shopping environment at the new Gallery at Warren Conner and will work to attract national apparel brands typically found only in mall settings.

Sitt gained national prominence as founder of Ashley Stewart Ltd., an upscale, ladies' apparel chain serving the African-American market. Under Sitt's leadership, Ashley Stewart grew to more than $300 million in annual sales in 300 stores nationwide.

Over the past 18 months, Thor Equities has acquired a retail, office, and residential portfolio totaling about four million sf and valued at more than $350 million. The company has purchased properties in New York City, Chicago, New Orleans, Atlanta, and Norfolk, VA.