Nassimi Enters Michigan With Two Retail Sites

Mike Nassimi, president of the self-named firm, says he cannot comment on the price of the sale. His firm closed on the sale of a four-property portfolio of Midwest retail centers in January, with sources saying Nassimi paid about $9.3 million for the 149,182-sf Plaza West strip mall in Evansville, IN and $4.6 million for Kmart Plaza in Springfield, OH. The portfolio also included the 185,589-sf Target 31 and the 27,400-sf Felbram Plaza in Indianapolis. The company owns five million sf of retail nationwide, and 15 of its 25 centers are in the Midwest. Nassimi says he's under contract for another property in Illinois, but would not name the site.

The two recent purchases make up the company's first foray into Michigan, Nassimi says. "We like value-add properties that in our opinion are neglected, not managed well or for whatever reason have fallen behind," he tells GlobeSt.com. "We then bring new life to the center."

Cedar Village was purchased from A&C Co. LLC. The 89%-occupied property, at the corner of Chicago Drive and South Waverly Road, is anchored by Big Kmart and Dollar General. Nassimi wouldn't say the price. Sources say the 415,804-sf Westshore Mall in Holland was purchased in November by Howard & Mills Inc. for about $13 million, with anchors including Dunhams and J.C. Penney.

Northland Mall, known as the first mall built in the US, has suffered from a loss of anchors. Nassimi bought the 300,000-sf former J.C. Penney building, which closed in 2000, and another 27,725-sf outlot building on Greenfield Road, both together are known as Southfield Plaza and were purchased from the American General Life & Accident Co. "We will be upgrading them and then finding new tenants," Nassimi says. "We will put smaller tenants in the out-parcel, and we're in discussion with big-box users for the larger building. If not, we'll divide that building up for multiple tenants as well." Other anchors include Macy's and Target.