Economic Development, Real Estate, and Retail

Mall sale fetches $68 million

September 11, 2014
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Five Below opens two more West Michigan stores
Five Below, a chain that operates a store at Centerpointe Mall, sells “trend-right” merchandise designed for teens and pre-teens, priced at $5 and below. Courtesy Five Below
Centerpointe Mall has at last been sold.

According to city records, the 525,000-square-foot shopping center, located at 3665 28th St. SE, Grand Rapids, was sold on June 26 for $68 million.

Lormax Stern Development Co., the Bloomfield Hills-based firm that purchased Centerpointe in 2000, put the mall up for sale in December 2013. According to city records, a New York-based CenterPoint Owner LLC now owns the mall.

Earl Clements, the Colliers International West Michigan principal who has a lengthy history with the mall, would not give more information regarding the new owner. Chris Brochert, co-owner of Lormax Stern Development, did not return calls.

Clements did say that Colliers would be managing the mall.

“We are now managing the center and doing the leasing for the center,” he said.

It was a good time to buy Centerpointe. From 2012-2013, the mall underwent a $30 million redevelopment and “de-malling” process, which basically added several structures with their entryways facing outward, as opposed to facing an interior mall. In 2013, the State Equalized Value of the shopping center was $19,833,700, a number that jumped to $26,249,300 this year, according to city records.

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