ALLEN PARK, MI-Cole Real Estate Investments, based in Phoenix, has purchased 270,000-square-feet of the Fairlane Green Shopping Center here for $47 million. A joint venture of Deerfield Beah, FL-based Konover South LLC, West Bloomfield, MI-based Lormax Stern Development Co. and Miami-Lakes, FL-based FVP Management and Investments had bought the property in June 2010.

Ford Land actually owns the site, a former landfill at the Southfield Freeway and Interstate 94, while the joint venture sold the land and the retail above it. Cole purchased the site’s first phase, which includes a 96%-leased retail center anchored by TJ Maxx, Bed Bath & Beyond, Barnes & Noble, Michaels, Old Navy, Ulta, Pier One Imports and more.

Ben Wineman and Brad Rosenberg with Mid-America Real Estate represented the venture in the sale. He tells GlobeSt.com that the venture worked hard to lease up the site, as it was about 85% when purchased in 2010. “They did what they set out to do,” he says. “Some of the new tenants brought in include the Gap, Five Below and Carter’s, about six-seven leases. The only dark box they had was a Cost Plus, and they filled that. The Gap came in because the Old Navy there has done well.”