CoStar PI (Jan. 25-31): Hines 'Flexes' Buying Power in Denver - CoStar Group

29.01.09

New York City-based Ashkenazy Acquisition Corp. acquired 663,000 square feet of Northland Center, or a little less than half of the 1.7 million-square-foot enclosed mall in Southfield, MI. The sales price was $30.99 million. Retail tenants currently occupying space in the 120-acre mall at 21500 Northwestern Highway include Champs Sports, Coffee Beanery, Lens Crafters, Lady Footlocker, Payless ShoeSource, Stride Rite, Carlton Cards & Gifts and others. The new owner plans to make significant capital improvements to the mall. Changes to the tenant mix are expected as part of the major repositioning of the property. Northland Center's occupancy rate was 70% at the time of the closing. The portion of the property sold did not include the space occupied by the mall's co-anchors, Macy's and Target. Mark Taylor, vice president investments, and Dean Zang, associate vice president investments, in the Philadelphia office of Marcus & Millichap, represented the seller, Jager Management Inc. of Jenkintown,

Source: CoStar Group, MD

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