{"id":1004734096,"date":"2024-10-23T04:42:39","date_gmt":"2024-10-23T12:42:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004734096"},"modified":"2024-10-23T04:42:41","modified_gmt":"2024-10-23T12:42:41","slug":"pmat-sells-276-ksf-detroit-area-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pmat-sells-276-ksf-detroit-area-retail-center\/","title":{"rendered":"PMAT Sells 276 KSF Detroit-Area Retail Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waterside-Marketplace_Thumbnail-e1729666883261.png\"><img loading=\"lazy\" decoding=\"async\" width=\"712\" height=\"534\" data-attachment-id=\"1004734097\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pmat-sells-276-ksf-detroit-area-retail-center\/waterside-marketplace_thumbnail\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waterside-Marketplace_Thumbnail-e1729666883261.png\" data-orig-size=\"712,534\" 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=\"Waterside Marketplace_Thumbnail\" data-image-description=\"&lt;p&gt;Waterside Marketplace. Image courtesy of Mid-America Real Estate Corp.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Waterside Marketplace. Image courtesy of Mid-America Real Estate Corp.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waterside-Marketplace_Thumbnail-e1729666883261.png?w=712\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waterside-Marketplace_Thumbnail-e1729666883261.png\" alt=\"Exterior of Waterside Marketplace\" class=\"wp-image-1004734097\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waterside-Marketplace_Thumbnail-e1729666883261.png 712w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Waterside-Marketplace_Thumbnail-e1729666883261.png?resize=300,225 300w\" sizes=\"auto, (max-width: 712px) 100vw, 712px\" \/><\/a><figcaption class=\"wp-element-caption\">TJ Maxx is one of Waterside Marketplace&#8217;s anchor tenants. <em>Image courtesy of Mid-America Real Estate Corp<\/em>.<\/figcaption><\/figure><\/div>\n\n\n<p>PMAT Real Estate Investments has sold Waterside Marketplace, a 276,244-square-foot shopping center in Chesterfield, Mich. Octave Holdings and Investments acquired the asset through its Octave Realty Fund IX.<\/p>\n\n\n\n<p>Mid-America Real Estate Corp. arranged the deal. The brokerage company had also represented PMAT in acquiring the asset in 2018, as reported by <em>Rejournals<\/em>. <\/p>\n\n\n\n<p>Earlier this year, the New Orleans-based firm has also sold a 124,005-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/pmat-sells-chicago-area-shopping-center\/\">retail property in Downers Grove, Ill.<\/a>, with Mid-America brokering the $25 million transaction.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/underserved-areas-are-grabbing-retail-investors-attention-heres-why\/\">Underserved Areas Are Grabbing Retail Investors\u2019 Attention. Here\u2019s Why.<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Completed in 2007 on some 13 acres, Waterside Marketplace was 94 percent leased at the time of sale. Waterside Marketplace is anchored by TJ Maxx, Sierra, Burlington, Best Buy, Ulta, DSW and Old Navy, while Aldi, Lowe\u2019s, Dick\u2019s Sporting Goods and JCPenney shadow-anchor the property. The tenant roster also includes Carter\u2019s, Rally House, Kid\u2019s Empire, Five Below and Bath &amp; Body Works, among others.<\/p>\n\n\n\n<p>The shopping center is at 50753 Waterside Drive at the high-traffic intersection of Interstate 94 and 23 Mile Road in Detroit\u2019s Warren &#8211; Sterling Heights submarket. The shopping center serves around 109,000 individuals within a 5-mile radius, with the average household income of approximately $112,000, according to Mid-America. <\/p>\n\n\n\n<p>The firm&#8217;s Principal Ben Wineman and Vice President Emily Gadomski brokered the transaction, with Principal Daniel Stern representing the seller. Wineman also arranged <a href=\"https:\/\/www.commercialsearch.com\/news\/mid-america-arranges-sale-of-illinois-shopping-center\/\">the $15.4 million sale <\/a>of Metro Centre, a 166,290-square-foot retail property in Peoria, Ill.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-detroit-s-retail-market-sees-strong-activity\">Detroit\u2019s retail market sees strong activity<\/h2>\n\n\n\n<p>Despite the disruption which affected the industry in recent years, Detroit\u2019s retail market has seen strong activity across all metrics in the second quarter of 2024, according to a recent Colliers report. <\/p>\n\n\n\n<p>The metro\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-investors-are-adapting-to-disruption-heres-how\/\">investment activity<\/a> totaled more than $92 million in transactions, while approximately 443,625 square feet of retail space\u2014across 33 projects\u2014were under construction in several submarkets at the end of June. The vacancy rate clocked in at 4.9 percent, marking a 20-basis point decrease from the previous quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mid-America brokered the transaction. <\/p>\n","protected":false},"author":3014,"featured_media":1004734097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21783,13,21742,21749],"tags":[36646],"class_list":["post-1004734096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-detroit","category-investment","category-midwest","category-latest","category-retail","tag-mid-america-real-estate-corporation"],"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>PMAT Sells 276 KSF Detroit-Area Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"PMAT Real Estate Investments sold a 276,244-square-foot shopping center in Chesterfield, Mich. Mid-America brokered the deal.\" \/>\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\/pmat-sells-276-ksf-detroit-area-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PMAT Sells 276 KSF Detroit-Area Retail Center\" \/>\n<meta property=\"og:description\" content=\"PMAT Real Estate Investments sold a 276,244-square-foot shopping center in Chesterfield, Mich. 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