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Unnamed Buyer for 1.4-Mil-SF Mall

WATERFORD, MI-Summit Place could be purchased in February by a California retail and multifamily property owner, GlobeSt.com learns. The underperforming mall would stay pretty much the same, says one local developer.

By Robert Carr | Updated on January 16, 2002

WATERFORD, MI-The owners of Summit Place Mall: one of Southeast Michigan’s largest indoor retail centers, have found a buyer. Kris Roepsch of Northwestern Mutual Insurance Co. of Milwaukee tells GlobeSt.com the company has a buyer who is now performing due diligence on the 1.4-million-sf property.

That’s all she would say about the deal. There’s a confidentiality agreement surrounding the sale, Roepsch says.

However, Farmington Hills developer Barry Klein tells GlobeSt.com he’s privy to the inner workings of the sale. Klein says an Iranian-American from California has signed a purchase agreement for the mall. Klein declined to disclose the name.

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