(For more retail coverage, click GlobeSt.com/RETAIL.)
(Natalie Keith is a contributing writer to GlobeSt.com.)
STERLING HEIGHTS, MI-A 144,174-sf section of the Shops at Sterling Ponds sold to D/K/G Development LLC, a division of Bingham Farms-based Burton Katzman Development Co.
Sterling Ponds is a 420,000-sf property located at 33217-33879 Van Dyke Ave. and 7251 14 Mile Rd. The sale includes 107,741 sf of in-line space and six restaurant pad sites totaling 36,433 sf. Eateries include McDonalds, Don Pablo's, Papa Vinos, TGI Friday's, IHOP and Joe's Crab Shack. The sale price was not disclosed. Burton Katzman is planning to redevelop the shopping center in conjunction with the development of a newly proposed Super Wal-Mart at the location.
Farmington Hills-based Friedman Real Estate Group Inc. brokers Barry Swatsenbarg, vice president of investment sales, and Mitchell Lipton, executive vice president of brokerage services, represented the seller in the transaction. The buyer was self-represented.
Swatsenbarg tells GlobeSt.com that the asset had been under foreclosure by GMAC Commercial Mortgage after two anchor tenants, Super Kmart and HQ's, were shuttered. "When they went out of business, a lot of other tenants faltered because of the co-tenancy agreements that were in place."
Last fall, Warren-based Lavdas Properties acquired the 174,000-sf Super Kmart store from Kmart Corp. for a little less than $7.5 million. Kmart vacated the property in 2004.
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