PMAT Sells 276 KSF Detroit-Area Retail Center
PMAT Real Estate Investments has sold Waterside Marketplace, a 276,244-square-foot shopping center in Chesterfield, Mich. Octave Holdings and Investments acquired the asset through its Octave Realty Fund IX.
Mid-America Real Estate Corp. arranged the deal. The brokerage company had also represented PMAT in acquiring the asset in 2018, as reported by Rejournals.
Earlier this year, the New Orleans-based firm has also sold a 124,005-square-foot retail property in Downers Grove, Ill., with Mid-America brokering the $25 million transaction.
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Completed in 2007 on some 13 acres, Waterside Marketplace was 94 percent leased at the time of sale. Waterside Marketplace is anchored by TJ Maxx, Sierra, Burlington, Best Buy, Ulta, DSW and Old Navy, while Aldi, Lowe’s, Dick’s Sporting Goods and JCPenney shadow-anchor the property. The tenant roster also includes Carter’s, Rally House, Kid’s Empire, Five Below and Bath & Body Works, among others.
The shopping center is at 50753 Waterside Drive at the high-traffic intersection of Interstate 94 and 23 Mile Road in Detroit’s Warren – Sterling Heights submarket. The shopping center serves around 109,000 individuals within a 5-mile radius, with the average household income of approximately $112,000, according to Mid-America.
The firm’s Principal Ben Wineman and Vice President Emily Gadomski brokered the transaction, with Principal Daniel Stern representing the seller. Wineman also arranged the $15.4 million sale of Metro Centre, a 166,290-square-foot retail property in Peoria, Ill.
Detroit’s retail market sees strong activity
Despite the disruption which affected the industry in recent years, Detroit’s retail market has seen strong activity across all metrics in the second quarter of 2024, according to a recent Colliers report.
The metro’s investment activity totaled more than $92 million in transactions, while approximately 443,625 square feet of retail space—across 33 projects—were under construction in several submarkets at the end of June. The vacancy rate clocked in at 4.9 percent, marking a 20-basis point decrease from the previous quarter.
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