Adjacent retail centers in dense Detroit location sell for $34M
JLL Capital Markets closed the sale of Oakland Plaza and Oakland Square in Troy to Continental Realty Corporation
CHICAGO, Oct. 12, 2021 – JLL Capital Markets announced today that it 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. Rd. adjacent to Oakland Square, which is on a 23.48-acre site at 500-650 and 740 John R. Rd. that includes unimproved land for future development. This highly visible location is near Interstate 75 and exposes the properties to a combined 68,000 vehicles per 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.
“We are continuing to see strong demand for well-located, stabilized shopping centers situated outside of primary markets.” Sands said. “Investors continue to migrate into the Midwest in search of yield and product driving pricing to levels higher than pre-COVID.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Continental Realty Corporation
Headquartered in Baltimore and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of more than five million square feet of commercial space and over 9,000 apartment homes across nine states, with a portfolio value exceeding $2 billion. For additional information, visit crcrealty.com.