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$50M Rehab Planned by Summit Place's New Owner

WATERFORD TOWNSHIP, MI-Nanco of Los Angeles will try to turn the 1.4-million-sf mall, last owned by Milwaukee-based Northwestern Mutual Insurance Co., into "a destination place." Anchors include Sears, Marshall Fields, JCPenney and Kohls.

By Robert Carr | Updated on May 09, 2002

WATERFORD TOWNSHIP, MI-It will cost about $50 million to rehabilitate Summit Place Mall, its new owner says. Nanco of Los Angeles recently purchased the 1.4-million-sf mall from Northwestern Mutual Insurance Co. of Milwaukee.

Rich Marr, asset manager of Nanco, said the 42-year-old mall at Elizabeth Lake and Telegraph roads does need some work, but is still a viable retail center.

“Summit Place has the opportunity to be turned around successfully,” Marr tells GlobeSt.com. “It’s got four good anchors that nobody would turn their nose up to. The traffic count is good. We feel this mall is very good for the submarket area.”

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