LEED-Certified Fairlane Green Changes Hands for $47 M
- Mar 21, 2012
Phoenix, AZ-based Cole Real Estate Investments recently paid $47 million for a 270,000-square-foot retail power center located in a historically strong corridor in Allen Park, south of Detroit. Opened in 2005, the retail center is almost 100 percent leased and most of its tenants are national retailers, making Fairlane Green consistent with the company’s investment strategy, said Scott M. Holmes, senior vice president, acquisitions and multi-tenant retail at Cole Real Estate Investments.
Fairlane Green is currently housing a number of prime retailers with above national economic performances; among them are TJ Maxx, Bed Bath & Beyond, Barnes & Noble, Michael’s, Old Navy, Ulta, Pier 1 Imports, The Gap, Five Below, Famous Footwear, Panera Bread, Bath & Body Works, Dressbarn and Carter’s, while some restaurants such as On the Border, Chili’s and Longhorn Steakhouse operate on the center’s ground floor.
According to The News-Herald, the seller was a group of three companies – Lormax Stern Development Co. of West Bloomfield, Konover South LLC of Deerfield Beach, Fla., and FVP Management & Investments of Miami Lakes, Fla.—who were represented in the transaction by Ben Wineman, principal of Mid-America Real Estate Corporation of West Bloomfield. Cole Real Estate Investments is now the owner of all retail space above ground while the space underneath (the former Ford Motor Company Allen Park Clay Mine Landfill) is still owned by Ford Land, a wholly owned subsidiary of Ford Motor Company acting as a full-service provider of real estate, construction and facility services.
In July 2006, after a complex brownfield redevelopment process carried by developer VCC and then-owner Archon Group, Fairlane Green was granted a Gold LEED Certification by the U.S. Green Building Council and it became the first multi-tenant retail project in the country to receive such an award.
Founded in 1979, Cole Real Estate Investments has become one of the most active acquirers of core real estate assets. The company’s recent multi-tenant acquisitions include the 219,000-square-foot Kyle Marketplace in Kyle, TX, which was purchased for $45 million; the 153,000-square-foot Cleveland Town Center in Cleveland, TN, bought for $17.65 million; and the 167,000-square-foot Midtowne Park in Anderson, SC, for which the company paid $25.6 million. The company owns and manages a $10 billion portfolio of properties representing approximately 60 million square feet of commercial real estate in 47 states.
Photo credits Cole Real Estate Investments via PRWeb