Mid-America Real Estate Corporation’s Investment Sales Group recently brokered the sale of Waterside Marketplace, a dominant regional 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, GA 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.
PMAT Real Estate Investments is a real estate development and investment platform focused on value-add Suburban Open-Air Retail (SOAR) investments across the Southeast, Sunbelt, Southwest, and Midwest regions with 100 completed transactions consisting of more than 12.5 million square feet with an aggregate value in excess of $1.50 billion. PMAT's proven investment strategy is to acquire value-add Suburban Open-Air Retail (SOAR) assets anchored by grocery, discount, off-price and necessity tenants and to create long-term value through redevelopment, renovation, and re-tenanting of these fundamentally strong investments.
