{"id":1004742971,"date":"2025-01-13T04:18:35","date_gmt":"2025-01-13T12:18:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004742971"},"modified":"2025-01-15T05:00:59","modified_gmt":"2025-01-15T13:00:59","slug":"bridge33-capital-buys-michigan-shopping-center-for-70m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge33-capital-buys-michigan-shopping-center-for-70m\/","title":{"rendered":"Bridge33 Capital Buys Michigan Shopping Center for $70M"},"content":{"rendered":"\n

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\"exterior<\/a>
Nordstrom Rack is one of the anchor tenants at Shops at CenterPoint. Image courtesy of Mid-America Real Estate Corp.<\/em><\/figcaption><\/figure><\/div>\n\n\n

Bridge33 Capital has purchased Shops at CenterPoint, a 444,709-square-foot shopping center in Grand Rapids, Mich. The joint venture between DRA Advisors and Pine Tree sold the asset for $70 million, as reported by Crain’s Grand Rapids Business<\/em>. Mid-America Real Estate Corp. represented the seller.<\/p>\n\n\n\n

DRA and Pine Tree had acquired the property from an Apollo Global Management fund and Stonemar for $63.5 million in 2022, as reported by Commercial Real Estate Direct<\/em>.<\/p>\n\n\n\n

Originally completed in 1967 as Eastbrook Mall\u2014an enclosed shopping center\u2014the property underwent significant transformation in 2012 and 2013. During that interval, a portion of the mall was demolished to transform it into an outdoor shopping destination.<\/p>\n\n\n\n

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READ ALSO: <\/strong>Retail Space in Focus: What\u2019s Driving the Sector\u2019s Growth?<\/a><\/p>\n\n\n\n

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TJ Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Golf Galaxy, Ulta, DSW, Old Navy, Dunham\u2019s Sports and Planet Fitness now anchor the Shops at CenterPoint. Its tenant roster also includes a diverse mix of regional and national tenants such as Chick-Fil-A, J.Crew Factory, Five Below, Carhartt, Bath & Body Works, Chuck E. Cheese, Lands\u2019 End, Potbelly, T-Mobile, Five Guys, Fifth Third Bank and Crumbl Cookies, among others. <\/p>\n\n\n\n

Located at 3665 28th St. SE, the shopping center is in an area where the daily car traffic totals more than 70,000 vehicles. Shops at CenterPoint serves approximately 195,000 residents within a 5-mile radius, with the average household income of $106,000.<\/p>\n\n\n\n

Mid-America Principals Ben Wineman, Joe Girardi and Daniel Stern arranged the transaction for the joint venture.<\/p>\n\n\n\n

A long list of DRA retail transactions<\/h2>\n\n\n\n

DRA had approximately $11.2 billion in assets under management at the end of September. The company’s funds currently own nearly 6.6 million square feet of retail space across 15 states. <\/p>\n\n\n\n

Back in October, DRA and KPR Centers sold a 101,105-square-foot shopping center in Bethel, Conn.<\/a> Phillips Edison & Co. acquired the property.<\/p>\n\n\n\n

The same month, a fund managed by DRA acquired a three-property, 376,462-square-foot shopping center portfolio in Ocean County, N.J.<\/a>, in conjunction with Soundwater Properties. The assets were 94 percent leased at the time of sale.<\/p>\n\n\n\n

And in September, a joint venture between a fund managed by DRA and MCB Real Estate acquired Falcon Ridge Town Center, a 273,424-square-foot retail center in Fontana, Calif.<\/a>, for $64.7 million. This marked the partnership\u2019s first purchase.<\/p>\n","protected":false},"excerpt":{"rendered":"

This asset previously traded for $63.5 million two years ago.<\/p>\n","protected":false},"author":3014,"featured_media":1004742972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,13,21742,21749],"tags":[52089,33919,36646,45494],"class_list":["post-1004742971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-latest","category-retail","tag-bridge33-capital","tag-dra-advisors-llc","tag-mid-america-real-estate-corporation","tag-pine-tree-opportunity-corporation"],"acf":[],"yoast_head":"\nBridge33 Capital Buys Michigan Shopping Center for $70M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Bridge33 Capital has purchased Shops at CenterPoint, a shopping center in Grand Rapids, Mich., from DRA Advisors\u00a0and Pine Tree.\" \/>\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\/bridge33-capital-buys-michigan-shopping-center-for-70m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bridge33 Capital Buys Michigan Shopping Center for $70M\" \/>\n<meta property=\"og:description\" content=\"Bridge33 Capital has purchased Shops at CenterPoint, a shopping center in Grand Rapids, Mich., from DRA Advisors\u00a0and Pine Tree.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bridge33-capital-buys-michigan-shopping-center-for-70m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-13T12:18:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-15T13:00:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Shops-at-Centerpoint-e1736766057197.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2245\" \/>\n\t<meta property=\"og:image:height\" content=\"1686\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge33-capital-buys-michigan-shopping-center-for-70m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bridge33-capital-buys-michigan-shopping-center-for-70m\/\",\"name\":\"Bridge33 Capital Buys Michigan Shopping Center for $70M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge33-capital-buys-michigan-shopping-center-for-70m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge33-capital-buys-michigan-shopping-center-for-70m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Shops-at-Centerpoint-e1736766057197.jpg\",\"datePublished\":\"2025-01-13T12:18:35+00:00\",\"dateModified\":\"2025-01-15T13:00:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Bridge33 Capital has purchased Shops at CenterPoint, a shopping center in Grand Rapids, Mich., from DRA Advisors\u00a0and Pine Tree.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge33-capital-buys-michigan-shopping-center-for-70m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/bridge33-capital-buys-michigan-shopping-center-for-70m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge33-capital-buys-michigan-shopping-center-for-70m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Shops-at-Centerpoint-e1736766057197.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Shops-at-Centerpoint-e1736766057197.jpg\",\"width\":2245,\"height\":1686,\"caption\":\"Shops at Centerpoint encompasses 11 buildings. 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