NEW YORK--(BUSINESS WIRE)--Rockwood Real Estate Advisors, a full service real estate investment banking firm, announced the sale of Lakeview Square Mall and Bay City Mall, both located in the state of Michigan. Lakeview Square Mall is located in Battle Creek and is comprised of 554,234 square feet. GK Development, a privately held company based in Barrington, IL, purchased the mall for $9,250,000. Bay City Mall is located in Bay City and is comprised of 526,314 square feet. Lormax Stern, a retail development and shopping center owner based in West Bloomfield, MI, purchased the mall for $7,500,000.
Thomas Dobrowski, Managing Director for Rockwood Real Estate Advisors, arranged the sale and commented on the transaction: “Bay City and Lakeview Square Mall are both well positioned to take advantage of improving market and leasing fundamentals within each asset’s respective MSA. Investor interest in both assets was very strong, and is indicative of buyers widening the net when it comes to considering large scale value-added retail opportunities.” Dobrowski has also successfully executed the sale of two additional regional malls during March; Eagle Ridge Mall, a 660,358 square foot mall located in Lake Wales, FL, and Oviedo Mall, 952,035 super-regional mall located in Oviedo, FL.
About Rockwood Real Estate Advisors
Rockwood Real Estate Advisors is a full-service real estate investment banking firm offering a broad range of financial advisory, transactional services and business solutions for clients in the commercial real estate industry. In 2012, the firm closed 399 deals totaling over $3.2 billion in debt, equity and sales transactions. Headquartered in New York, Rockwood has eight offices across the country. For additional information, please visit www.rockwoodrea.com.