Mid-America Real Estate Arranges Detroit-Area Retail Deal
- Apr 27, 2020
Mid-America Real Estate has brokered the sale of Roseville Towne Center, an 89,883 square-foot retail property in Roseville, Mich. Principals Ben Wineman and Daniel Stern, along with Vice President Carly Gallagher Kelly, represented the seller, Viking Partners. Keystone Commercial Senior Sales Associate Ferris Hamama assisted the private 1031 exchange buyer.
According to public records, the transaction closed for $9.5 million and was subject to a $4.5 million acquisition loan. Located at 28804 Gratiot Ave., the Michigan shopping center is anchored by Marshalls, a drive-thru CVS, Five Below, Cato Fashions, Outback Steakhouse and Dollar Tree. A separately owned Walmart is also an anchor tenant at the property.
Roseville Towne Center is just off Interstate 94, within a dense trade corridor. This area includes Gratiot Plaza and Gratiot Center, which are within 2 miles of the property. Roseville Towne Center is 18 miles from downtown Detroit.
In July 2019, another Mid-America Real Estate team facilitated a full-building, 45,000-square-foot Chicago lease. The deal marked fashion retailer Primark’s first store in the Midwest.