{"id":1004192253,"date":"2017-10-02T13:20:49","date_gmt":"2017-10-02T21:20:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004192253"},"modified":"2022-12-08T19:39:11","modified_gmt":"2022-12-09T03:39:11","slug":"lincoln-park-plaza-finds-new-owner","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lincoln-park-plaza-finds-new-owner\/","title":{"rendered":"Lincoln Park Plaza Finds New Owner"},"content":{"rendered":"<p>By Alexandra Pacurar<\/p>\n<div id=\"attachment_1004192256\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/lincoln-park-plaza.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004192256\" data-attachment-id=\"1004192256\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lincoln-park-plaza-finds-new-owner\/lincoln-park-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/lincoln-park-plaza.jpg\" data-orig-size=\"700,325\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"lincoln-park-plaza\" data-image-description=\"&lt;p&gt;Lincoln Park Plaza&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Lincoln Park Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/lincoln-park-plaza.jpg?w=700\" class=\"wp-image-1004192256 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/lincoln-park-plaza.jpg\" alt=\"Lincoln Park Plaza\" width=\"300\" height=\"139\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/lincoln-park-plaza.jpg 700w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/lincoln-park-plaza.jpg?resize=300,139 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004192256\" class=\"wp-caption-text\">Lincoln Park Plaza<\/p><\/div>\n<p>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.<\/p>\n<p>The shopping center is located at 3574-3636 Fort St. in Lincoln Park, Mich. According to <em>The News-Herald<\/em>, the new owner is an investor from California who already started pulling the necessary permits for the renovation. The property\u2019s current occupancy is around 45 percent.<\/p>\n<p><em>\u201cThe purchaser is developing plans to reposition the property as the cornerstone of Lincoln Park as it once was,\u201d<\/em> 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.<\/p>\n<p>Lincoln Park Plaza is part of a long string of <a href=\"https:\/\/www.commercialsearch.com\/news\/are-metro-detroits-outdated-shopping-malls-going-extinct\/\">retail properties in metro Detroit<\/a> that fell into decline. Some were sold to be repositioned, while others are expected to be replaced completely.<\/p>\n<p><em>Image courtesy of Friedman Integrated Real Estate Solutions<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The shopping center is mostly vacant, but the new owner plans to reposition the 176,000-square-foot property. Friedman Integrated&#8217;s Rich Deptula represented both the seller and the buyer in this transaction.<\/p>\n","protected":false},"author":236,"featured_media":1004192256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1495,21783,13,21742,21749],"tags":[36351,32923,35982],"class_list":["post-1004192253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-detroit","category-investment","category-midwest","category-latest","category-retail","tag-capital-improvement","tag-friedman-integrated-real-estate-solutions","tag-rich-deptula"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lincoln Park Plaza Finds New Owner - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-park-plaza-finds-new-owner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lincoln Park Plaza Finds New Owner\" \/>\n<meta property=\"og:description\" content=\"The shopping center is mostly vacant, but the new owner plans to reposition the 176,000-square-foot property. 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