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WATERFORD TOWNSHIP, MI-Summit North Investments LLC has financed the purchase of the 189,724-sf Summit North retail center for $5 million, with the assistance of iCap Realty Advisors. The LLC bought the 100% occupied center for $5 million in October, but had been negotiating with tenant Steve & Barry’s before the deal closed.

LaSalle Bank was the seller. The lender owned the center after the prior owner had gone into default soon after Home Quarters vacated a large portion of the mall. Steve & Barry’s now occupies much of the HQ space.

The property, at 2214 Mall Dr., was built in 1994, and includes tenants Best Buy, Gander Mountain Superstore and Sam’s Wholesale Club. Matt Shane with iCap says lease rates at the center are between $5 to $10 per sf.

Shane tells GlobeSt.com that the retail area has great demographics, but suffers because it is near Pontiac, a depressed area in Oakland County. The open-air center is also next to the enclosed, 1.4-million-sf Summit Place Mall, which is only 40% occupied, with anchors Macy’s, Sears and JC Penney. Japan-based gaming company and Summit Place owner Namco, the creator of the popular Pac-Man video game, has proposed to the township to demolish half the mall for single-family housing. The plan is still before the township Board of Trustees.

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