DOMINION REAL ESTATE ADVISORS SELLS FORMER REGIONAL SUMMIT PLACE MALL | 1.4M SF SITUATED ON 73 ACRES IN WATERFORD, MI
Bingham Farms, MI – (September 17, 2018). DOMINION REAL ESTATE ADVISORS, through its Group President, Eric D. Banks has sold the former Summit Place Mall in Waterford Michigan on behalf of California based lender SD Capital, LLC. The property was acquired last week by Southfield MI based commercial real estate development and investment company ARI-EL Enterprises lead by veteran developer Arie Leibovitz.
The former regional mall property consists of 1.4M square feet situated on 73 acres of land. Dominion (DRA) represented the Seller, Santa Monica California lender SD Capital LLC who took ownership of the property in 2008. The Summit Place Mall is an unfortunate casualty and prime example of the shifting demographics and a changing face of suburban retail in America, stated Banks. The Summit Mall opened in 1962 as the first enclosed Mall in Michigan (one of the first in the country). The Mall expanded in 1967 and again in 1993 and at its peak was home to over 200 stores, including anchors Macy’s, Sears, J.C. Penny, Montgomery Ward, and Kohls. The Sears store was the last to close in 2014. A property like this requires a creative and sophisticated developer with a track record of success like Ari-el Enterprises to come in and revision the site. The site has enormous transformational potential and is well located on a major thoroughfare in the heart of Oakland County and near to significant new commercial construction. Several qualified developers showed interest in the site and Ari-El already has site activity with DTE Energy ready to break ground this fall on a major ground up project, said Banks. Leibovitz stated he is currently working through plans for the site that could include over a million square feet of mixed uses, which contemplates flex/ high tech industrial, office, hospitality and fast casual dining.
About Dominion Real Estate Advisors
Dominion Real Estate Advisors (DRA) is a full service commercial real estate firm recognized nationally as a leading provider of professional commercial real estate services. DRA brings decades of experience and expertise in commercial brokerage, property and asset management, real estate advisory, construction, design and development services. DRA is committed to bringing its clients creative, cutting edge solutions and providing the highest level of professional service fostering long lasting relationships based on loyalty, integrity and trust. DRA assists corporate clients, lenders, institutions, property owners, investors and real estate developers in achieving their real estate objectives.
About Ari-El Enterprises
Ari-El Enterprises is a full-service real estate organization. The company’s success is based on comprehensive in-house capabilities in acquisition, development, finance, leasing, property management and construction management. Ari-El Enterprises consistently applies a highly effective team approach to maximize returns. This synergy facilitates the creation of new paradigms which enables the company to anticipate potential – then develop and implement innovative solutions. Ari-El Enterprises operates a diverse portfolio in excess of three million square feet which incorporates industrial parks, office buildings, retail centers, apartment communities, free standing buildings and land for build-to-suit.