Detroit-area retail center sells for $45M
JLL Capital Markets arranged the sale of the 193,850-square-foot Tel Twelve in Southfield, Michigan
CHICAGO, Aug. 11, 2022 – JLL Capital Markets announced today that it has closed the $45 million sale of Tel Twelve, a 193,850-square-foot, open-air, retail center located within the Detroit MSA in Southfield, Michigan.
JLL represented the seller, RPT Realty, and procured the buyer, Kaufman & Jacobs, LLC, a Chicago-based real estate private equity firm.
Built in 1968 and renovated in 2005, the 97.8-percent-leased Tel Twelve is anchored and junior-anchored by Best Buy, Ulta, DSW, PetSmart, BuyBuy Baby and Michaels. Shadow anchors include Meijer and Lowe’s, driving additional traffic to the site. Additionally, the newly developed Chick-Fil-A outlot recently entered a 15-year ground lease. Over the last 12 months, the site has seen 4.8 million visitors.
Located at 28400 Telegraph Rd., Tel Twelve is situated at the intersection of Telegraph Road and 12 Mile Road, two of the heaviest traveled roads in southeast Michigan with a total of 100,000 vehicles per day. The property is just 20 miles northwest of downtown Detroit and .5 miles away from I-96. The center benefits from the 62,856 residents within a three-mile radius.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder.
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 and sales 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About RPT Realty
RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The company's locally curated consumer experiences reflect the lifestyles of its diverse neighborhoods and match the modern expectations of its retail partners. The company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange under the ticker symbol RPT. As of June 30, 2022, the Company's property portfolio (the "aggregate portfolio") consisted of 47 wholly owned shopping centers, 10 shopping centers owned through its grocery anchored joint venture, and 47 retail properties owned through its net lease joint venture, which together represent 14.9 million square feet of gross leasable area (“GLA”). As of June 30, 2022, the Company’s pro-rata share of the aggregate portfolio was 93.3% leased. For additional information about the Company please visit rptrealty.com.
About Kaufman & Jacobs, LLC
Founded in 1947, Kaufman Jacobs is a diversified real estate investment firm with in-house development, property management, and leasing capabilities. Since its inception, KJ has owned and managed more than 10 million square feet of commercial real estate across several different asset classes including government office, infill urban and suburban retail, industrial, and senior living. In addition, KJ’s seasoned development team has developed and managed more than $1 billion in projects, including $265 million in recent ground-up senior living communities.