Mid-America Real Estate Corporation’s Investment Sales Group recently brokered the sale of Waterside Marketplace, a regional retail center serving Detroit’s northeast suburbs around Chesterfield Township, Michigan, at the interchange of Interstate 94 and 23 Mile Road.
The 276,244-square-foot center was sold to Alpharetta, Georgia-based Octave Holdings and Investments.
Waterside Marketplace is 93% occupied and anchored by TJ Maxx, Sierra, Burlington, Best Buy, Ulta, DSW, and Old Navy, and shadow anchored by Aldi, Lowe’s, Dick’s Sporting Goods, and JCPenney. Complementing the anchors is a diverse array of inline tenants, a mix of national and regional operators including Carter’s, Rally House, Kid’s Empire, Five Below, and Bath & Body Works. The high growth area surrounding Waterside Marketplace features a residential population of 109,000 with average household incomes of $112,000 within a 5-mile radius.
Mid-America Real Estate Corporation Principal Ben Wineman and Vice President Emily Gadomski were the exclusive brokers in the transaction, in cooperation with Mid-America Real Estate – Michigan, Inc. Principal Daniel Stern, on behalf of the seller, New Orleans based but nationally active PMAT Real Estate Investments.
