REAL ESTATE

Mid-America arranges sales of two centers in Midwest

BY Al Urbanski

Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of centers in Michigan and Illinois.

The first deal was completed on behalf of PMAT Real Estate Investments, which sold Waterside Marketplace in Chesterfield Township, Mich. The 291,231-sq.-ft. open-air center was purchased by a middle market real estate investment firm founded in 2003 that is actively pursuing acquisitions nationally.

Situated at 23 Mile Road and Interstate 94 in the northeast suburban Detroit community, Waterside is a dominant regional power center that includes Dick’s Sporting Goods, Best Buy, TJ Maxx, Bed Bath & Beyond, and Old Navy and is shadow-anchored by Lowe’s and J.C. Penney.

The Mid-America team also brokered Clarion Partners’ purchase of the 58,000-sq.-ft. River Square in downtown Naperville, Ill. The shopping center features tenants Rosebud, Chipotle, Starbucks, Five Guys, Penzey’s Spices, and Bar Louie.

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