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WEST BLOOMFIELD, MI-Institutional pension fund CPTF Westwind has purchased the Westwind Lake Village Shopping Center here in the township for $17.3 million. The 120,573-sf center, anchored by a Kroger supermarket, was bought from a partnership called Westwind Dev-Pontiac Trail LLC.

Other tenants at the center include Hollywood Video, Hallmark, Fantastic Sam’s and Papa John’s Pizza. The 94%-occupied center was bought because the buyers like the West Bloomfield demographics, says Ashish Vakhariya, a senior associate with Marcus & Millichap who represented both buyer and seller on the deal.

“The sellers were the original developers in 1997, they enjoyed the cash flow for 10 years, but the partners wanted to go in different directions now for equity,” Vakhariya tells GlobeSt.com. “The purchasers had equity they needed to place, and they felt this is a strong market.” Vakhariya was assisted on the sale by John Godwin and Simon Jonna.

Mall REIT Ramco-Gershenson Properties Trust just bought the Old Orchard Shopping Center in the township, in a $20-million plan to bring two new anchor tenants onto the site. Vakhariya says the area has great appeal to retailers. “Michigan is going through some tough economic times, but if you look at some of the pockets, West Bloomfield is just really strong. You’ve got that trade corridor along M-5, with Commerce Township and Novi, and quite a few healthcare projects going in nearby. These health care facilities wouldn’t be spending millions on new hospitals if they didn’t think the demographics and population will continue to grow,” he says.

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