Iron Mountain Plaza Sells for Nearly $9M

IRON MOUNTAIN, MI-Agree Realty Corporation, based in Farmington Hills, MI, has sold Iron Mountain Plaza, a 176,352-sf shopping center to an out-of-state private investor for $8.8 million in an off-market transaction.

Iron Mountain Plaza, a 98%-leased property, was built in 1991, and is anchored by Kmart Corp. and Roundy’s. Located at US Highway 2 and South Stephenson Road, the property’s other tenants include Dunham’s Sporting Goods, Fashion Bug, Dollar Tree and Radio Shack.

“Sometimes we recycle our real estate and move into another type, which is what happened here,” explains Ken Howe, Agree’s vice president of finance. He tells GlobeSt.com that in this particular situation, the investor made the offer for the property and, “it was a solid offer and a good price at which to sell.”

At this time, Howe says it is uncertain where the proceeds of this particular sale will end up, though he indicates that Agree, a retail-oriented REIT, is examining other options and properties. “We’re not looking to sell other properties in our portfolio at this point,” he adds.