Old Navy joins historic makeover in Michigan
Presidential candidate John F. Kennedy delivered a stump speech there not long after it opened in 1960. Legions of thriving General Motors employees kept it thriving for decades. But Tech Plaza in Warren, Michigan, suffered a crushing blow when Walmart left in 2008, and the center was nearly vacant when Detroit-based Petzold Enterprises acquired it in 2014.
Tom Petzold’s lured back Walmart that same year, and his company has since rebuilt Tech Plaza into a going concern, adding Marshals, DWS, Carters/OshKosh, Five Below, and Ulta in ensuing years. This week, Old Navy signed multi-year lease at the center.
“We sought to make the center as upscale and modern as possible,” said Petzold, the company’s president. “Old Navy is the ideal complement to our other marquee stores that will truly help reestablish the Tech Plaza as a viable shopping destination.”
To assist in the makeover, Petzold assembled a project team made up f local companies: Tiseo Architects from Livonia, design firm R. Berlin and Associates from Northville, and NCS Construction Services of Bloomfield Hills. The team delivered 118,000 sq. ft. of retail space to the market over the past 12 months, and has leased 73,600 sq. ft. to 11 stores, many unique to the city of Warren.
Center changes hands in ‘fast-growing’ Folsom
Citing favorable demographics and a steady income stream, Nazareth Enterprises acquired the Walmart Central Shopping Center in Folsom, California for $39.7 million.
Besides Walmart, the 139,377-sq.-ft. center contains a 24-hour Fitness SuperSport Gym, the 99Cent Store, and Great Clips. It’s shadow-anchored by a Super Walmart.
“Folsom is a fast-growing city with a substantial median income," said Mounir Kardosh, CEO of Nazareth. "The center’s tenant mix supports the needs of its affluent neighbors and we are confident that we will fill the few vacancies with likewise upscale tenants.”
The purchase put Nazareth over the $100 million mark in acquisitions in third quarter. It was represented in the transaction by Landmark Real Estate Services. Marcus & Millichap represented the seller, a private investor.
Westwood names DDR veteran to head finance
Westwood Financial hired away DDR’s finance chief, hailing the move as central to its evolution from a “real estate sponsor into a sophisticated real estate institution,” according to Co-CEO Randy Banchik.
New Executive VP Matt Lougee will facilitate financing for Westwood’s retail investments, oversee capital formation and investor relations, and negotiate joint ventures. Lougee spent the entirety of his career to date at DDR, departing the company as senior VP of finance.
“This new appointment will advance our long-term objective to grow our platform, refine our corporate strategy, and strengthen our capital relationships,” said co-CEO Joe Dykstra.