Spartan Gets 46M For Centers
A New York-based real estate investment trust paid $46 million in cash for the properties, which included a shopping center at 52nd Street and Eastern Avenue in Kentwood, one on 28th Street in Cascade Township, and centers in both Fremont and Stevensville, said Spartan spokeswoman Jeanne Norcross.
The remaining properties are located in Detroit’s northern and western suburbs.
None of the shopping centers included Spartan-operated retail grocery stores.
“This is a sale of the shopping centers, not the sale of our stores or anyone else’s,” Norcross reiterated.
All seven centers are anchored either by D&W Food Centers or VG’s Food Centers.
“They will remain the anchor stores in these shopping centers, and they have worked out new lease agreements with the new owners,” she added.
Spartan Chairman, President and CEO James B. Meyer said completion of the sale strengthens the company’s financial position.
He said the sale of real estate corresponds with Spartan’s continuing efforts to channel resources from non-core functions to key grocery and convenience store operations.
“As previously announced, we intend to continue employing capital resources more effectively by selling the remaining pieces of non-core property in our real estate business segment over the coming quarters.”