Mid-America Real Estate Corporation’s Investment Sales Group recently brokered the sale of Shops at Centerpoint, an institutional quality regional center serving the rapidly growing Grand Rapids, Michigan metropolitan area.
The center features a diverse and stable tenancy of national credit retailers, lifestyle and entertainment users, health & wellness, and fast-casual restaurant tenants. The 444,709-square-foot center was sold to Seattle, Washington-based Bridge33 Capital.
Shops at Centerpoint is anchored by a market leading roster of national operators that include TJ Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Golf Galaxy, Ulta, DSW, Old Navy, Dunham’s Sports, and Planet Fitness, surrounded by desirable array of specialty shop tenants including J.Crew Factory, Five Below, Carhartt, Bath & Body Works, Lands’ End, Potbelly, T-Mobile, Five Guys, Crumbl Cookies, among others. The infill area surrounding Shops at Centerpoint includes a dynamic customer base of 195,000 residents that expands to 228,000 during the daytime, with average household incomes of $106,000, within a 5-mile radius of the center.
Mid-America Real Estate Corporation Principals Ben Wineman and Joe Girardi, in cooperation with Mid-America Real Estate – Michigan, Inc. Principal Daniel Stern, were the exclusive listing brokers in the transaction on behalf of the seller, a joint venture between New York, NY based DRA Advisors and Chicago, IL based Pine Tree.
