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Cole Buys Dearborn-Area Retail for $47M

ALLEN PARK, MI-The joint venture that had owned the site brought the 270,000 square feet from 85% to 96% leased since June 2010.

By Robert Carr | Updated on March 13, 2012

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.

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