X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SOUTHIFELD, MI-Southfield’s Northland Center, Michigan’s largest mall–but one that has slipped in value over the years–has changed hands. GP Northland Center LLC of Maple Shade, NJ has picked up the two-million-sf faded-glory asset from Equitable Life Assurance Society of Atlanta.

Jager Management, an affiliate of GP, will manage the mall. Northland is 46 years old, and has seen better years since it was one of the first suburban malls in the Detroit area. It’s now about 85% occupied. Just south of Eight Mile Road, the border to Detroit, it has lost business due to crime concerns and closed stores.

“We see great potential in the market to rejuvenate Northland Center, says Alan Wood, director of operations for Jager Management. VP Chuck Steinberg says his company purchased the mall because it’s believed to be a good property. He refused to divulge the sale price.Wood says the mall is the largest parcel in the company’s portfolio, which includes malls and strip centers in five Eastern states. Northland is Jager’s only Michigan property, Wood tells GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.