Jager Management, an affiliate of GP, will manage the mall. Northland is 46 years old, and has seen better years since it was one of the first suburban malls in the Detroit area. It's now about 85% occupied. Just south of Eight Mile Road, the border to Detroit, it has lost business due to crime concerns and closed stores.
"We see great potential in the market to rejuvenate Northland Center, says Alan Wood, director of operations for Jager Management. VP Chuck Steinberg says his company purchased the mall because it's believed to be a good property. He refused to divulge the sale price.Wood says the mall is the largest parcel in the company's portfolio, which includes malls and strip centers in five Eastern states. Northland is Jager's only Michigan property, Wood tells GlobeSt.com.
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