Arizona Investor Acquires Foreclosed Detroit-Area Shopping Center

DETROIT—The city of Detroit may struggle with a bankrupt government, a high rate of unemployment and endemic poverty, but many of the surrounding suburbs remain attractive to investors. SOBB Sterling LLC, a partnership led by Joshua Simon, president of Scottsdale, AZ-based commercial real estate development firm SimonCRE, just acquired Market Place Shopping Center, a 258,416-square-foot development in the town of Sterling Heights just northeast of Detroit. The property had been in foreclosure and the partners picked it up for $7.6 million. Simon plans to repair and update the center and hopes to bring back tenants and shoppers.

“Even though the City of Detroit is experiencing financial difficulties, there are numerous reasons to invest in the greater Detroit area,” explains Simon of his most recent purchase. “We are investing not only in Market Place, but also in the city for the long term. Maintenance was deferred on this particular shopping center as is typical when properties fall into foreclosure. We plan to immediately remedy those outstanding issues.”