For Auction

Eastland Center Mall

18000 Vernier Road,
Detroit, MI 48225

Asset Snapshot

Real Estate
Asset Type
Retail
Property Type
Regional Mall
Retail Subtype
1957
Year Built
1993
Year Renovated
Various
Floor Count
3
Building Count
61.10 Acres
Land Area
34.9%
Occupancy
Occupancy As Of
No
Anchor

Offering Summary

Tremendous In-fill Redevelopment Opportunity on 61 Acres with Strong Existing NOI

Investment Highlights:
 

  • One of the larger, in-fill redevelopment sites available in Metro Detroit with great street/corner access and high traffic counts
  • Situated on a +/- 61.1 acre site in Harper Woods, MI--within a mile of the wealthy Grosse Pointes residential area.
  • Shadow anchored by Home Depot and Lowes. Existing Mall Tenants include: Shoppers World, Payless Shoe Source, Kay Jewelers, and Finish Line
  • Tremendous redevelopment opportunity to transform the space into a “mixed use” type deal. Broad existing zoning with many uses available
  • Pro development community ready to work with new owner
  • Significant Tax Appeal may exist
  • Opportunities exist to spin off pieces (existing pad sites, etc.) of the deal after the master redevelopment
  • Strong existing NOI to work with during redevelopment

 

NAI FARBMAN AND REALINSIGHT MARKETPLACE ARE PLEASED TO OFFER THE LENDER OWNED EASTLAND CENTER MALL, A +/- 641,375 OWNED Sq. Ft., (1,094,837 TOTAL Sq. Ft), ENCLOSED MALL. THIS INFILL REDEVELOPMENT SITE AVAILABLE IN METRO DETROIT HAS GREAT CORNER ACCESS, HIGH TRAFFIC COUNTS AND DENSE DEMOGRAPHICS. THE LENDER OWNED ASSET WILL PROVIDE THE ABILITY TO ADD SIGNIFICANT VALUE TO THE MALL THROUGH A REPOSITIONING EFFORT.
 

Due Diligence

Cooperating Broker Fee

Eligible brokers may receive a 0.50% fee when representing the winning bidder.

Learn more in the FAQs

Platform Fee

Buyer pays a minimum platform fee of 5% or $25,000 at closing.

How it Works

Learn about bidding, reserve prices, and closing.

Read the auction guide

Auctioneer

Jerry Helmer
c/o Fisher Auction Company Inc.
License: 6504064915

Need Help?

Your transaction managers are your first point of contact for any auction or process questions. For additional support:

info@rimarketplace.com800-915-7015

Closed

This asset was part of the October 11th, 2018 auction event, resulting in a successful transaction that closed in just 39 days.
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Investment Sales Brokers

Bill Bubniak
NAI Farbman
MI License: 6502107114
(248) 470-8720bubniak@farbman.com
Alis Babi CCIM
NAI Farbman
MI License: 6501414308
(248) 351-4370babi@farbman.com

Disclaimers

The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.