JLL Capital Markets has closed the $34 million sale of Oakland Plaza and Oakland Square, two adjacent regional shopping destinations totaling 391,749 square feet in the suburban Detroit community of Troy, Michigan.
JLL advised the seller. Continental Realty Corporation acquired the assets.
Oakland Plaza is situated on 17.164 acres at 124, 300 and 268-390 John R. Road adjacent to Oakland Square, which is on a 23.48-acre site at 500-650 and 740 John R. Road that includes unimproved land for future development.
This location is near Interstate 75 and exposes the properties to a combined 68,000 vehicles a day at the intersection of 14 Mile and John R. Roads. Located in a dense corridor that is greater Detroit’s top retail destination, the centers are supported by strong demographics that include 269,600 residents earning an average annual household income of $89,000 living within a five-mile radius of the center.
The properties were originally constructed in the 1970s, 1980s and 1990s, with Oakland Plaza undergoing renovations most recently in 2014. The 87 percent leased properties are home to a variety of frugal fashion, fitness-oriented and investment-grade tenants, including T.J.Maxx, Michaels, Planet Fitness, Kohl’s, Bed Bath & Beyond, Ulta Beauty, Five Below, GameStop, Sonic, US Mattress and Sally Beauty.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder, along with Managing Director David MacDonald with JLL’s brokerage team.
