Nassimi Enters Michigan With Two Retail Sites

SOUTHFIELD, MI-New York City-based Nassimi Realty has purchased two retail facilities in Michigan, about 445,000 sf. The firm bought two buildings totaling 328,000 sf at Northland Shopping Center here, and the 217,000-sf Cedar Village Plaza in Holland, MI.

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.”