By Alexandra Pacurar
Friedman Integrated Real Estate Solutions brokered the sale of Lincoln Park Plaza to Mike Zhang. The 175,609-square-foot retail center was owned by Lincoln Park Plaza LLC.
The shopping center is located at 3574-3636 Fort St. in Lincoln Park, Mich. According to The News-Herald, the new owner is an investor from California who already started pulling the necessary permits for the renovation. The property’s current occupancy is around 45 percent.
“The purchaser is developing plans to reposition the property as the cornerstone of Lincoln Park as it once was,” Rich Deptula, national director of investment advisory services at Friedman, said in prepared remarks. Deptula represented both the seller and the purchaser in this transaction.
Lincoln Park Plaza is part of a long string of retail properties in metro Detroit that fell into decline. Some were sold to be repositioned, while others are expected to be replaced completely.
Image courtesy of Friedman Integrated Real Estate Solutions