He would not provide the purchase price, but says the mall wasbought for "considerably more than $20 million." He says the mallearns about $450 million in sales a year, about $300 per sf. Therehave not been many Detroit mall sales lately, but the 540,000-sfGenessee Valley Mall in Flint, considerably more north of the primeretail area in Troy, sold a year ago for $130 million.

The enclosed mall includes anchors such as J.C. Penney, Macy'sand Sears, and more than 120 other stores and outlot properties.The mall has a unique design, with a long center walkway ending ina four-way spoke section with a central courtyard area, and theanchors have multi-level stores. A former United Artists movietheater was converted a few years ago into a Steve & Barry's.Glickman says the property is almost 90% occupied. "We're probablygoing to put Oakland Square and Oakland Plaza up for sale," says hesays about two close-by strip centers.

Glickman tells GlobeSt.com that he purchased the mall forseveral reasons. "We feel the mall is expandable and cosmeticallyenhance-able," he says. "The former owners were very passive, theywere just managing the store, after the J.C. Penney's expansion afew years ago they just really went nowhere with some expansionideas. We think a lot can be done. Plus, the pricing wasattractive, we came in to buy and hold, and accentuate theproperty."