Department store properties find buyers
A pair of department store properties up for auction have hooked buyers.
Jim Terrell, senior managing director of A&G Realty Partners out of New York City, confirmed two former Younkers department stores at malls in West Michigan have been purchased.
Brookfield Property Partners, owner of RiverTown Crossings in Grandville, bought the 150,081-square-foot former Younkers property at RiverTown. The sale price was over $4.4 million, according to property records.
Namdar Realty Group, owner of The Lakes Mall in Fruitport, bought the 106,131-square-foot former Younkers property at The Lakes for an undisclosed price.
Both properties were previously owned by The Bon-Ton Stores.
“I believe they were more interested in controlling the property than have a third party step in,” Terrell said.
In May 2018, A&G Realty Partners was retained to dispose all real estate assets of The Bon-Ton Stores after it had gone bankrupt. The assets included seven ground leases, 194 leased locations and 23 owned properties.
A&G Realty Partners auctioned 10 former Bon-Ton properties, including the ones in Grandville and Fruitport, in late January, the Business Journal previously reported.