Brixmor Property Group Sells MI Retail Asset
- Mar 18, 2019
Brixmor Property Group has sold Green Acres Plaza, a 246,664 square-foot retail center in Saginaw, Mich, to a Dallas-based family office. Mid-America Real Estate Corp.’s Principals Rick Drogosz and Ben Wineman together with Vice President Richard Kerwin from the company’s Michigan office brokered the deal on behalf of the seller.
The property is located at 4510 State St., at the corner of Hemmeter Road, in a densely populated area. The Kroger-anchored retail center is also home to a UPS store, Sprint, Rite Aid and Planet Fitness. The asset is close to interstates 675 and 75 and is a few miles from Saginaw’s downtown area.
The transaction is representative of the strong interest that out-of-state investors have in Michigan retail assets. New York-based Brixmor is the owner of several large retail centers across the Michigan state, including the 14,420 square-foot Arborland Center, purchased for $102 million. In Saginaw, the company also owns Fashion Corners on Bay Road.
Image courtesy of Mid-America Real Estate