(For more retail coverage, click GlobeSt.com/RETAIL.)
STERLING HEIGHTS, MI-Warren-based Lavdas Properties has acquired a 174,000 sf former Super Kmart store from Kmart Corp., through Burr Wolff, LP, located in Houston.
Anchoring the Shops at Sterling Ponds, a 420,000-sf retail power center at 33201 Van Dyke, on the northwest corner of 14 Mile Road and Van Dyke Avenue, the empty property has been on the sales block for approximately six months, though Kmart vacated the facility in 2004.
According to the buyer's representative, Viktor Gjonaj, an associate broker with Signature Associates-Oncor International's Southfield office, the ask on the property was $7.5 million, with the final closing price south of the original list price.
Gjonaj tells GlobeSt.com that at this time, Ladvas is evaluating options to determine the best possible use for the site and no renovation plans are in the works. "The buyer saw this as a good opportunity and went with it," he says, adding that the buyer has nothing in the works for future sales right now. Eric Seigal of Trammell Crow Co.'s Detroit office represented the seller in the transaction.
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