BATTLE CREEK, MI—GK Development Inc. has purchased the 559,059-sq.-ft. Lakeview Square Mall here for $8.8 million for its first foray into Michigan.
The property, which had been in foreclosure, includes anchors such as JCPenney, Macy’s, Sears and GKC Theaters. The mall also includes tenants Aeropostale, Auntie Anne’s, Barnes & Noble, Bath & Body Works, the Buckle, Dunham’s Sports, Finish Line, Sterling Jewelers, Maurices, Payless ShoeSource, Pearle Vision, rue 21, Victoria’s
“This was an outstanding opportunity to purchase a well located regional shopping mall at the ‘right’ price, with strong anchors and national retailers already in place,” says Garo Kholamian, president of GK Development, in a statement. “Lakeview Square Mall fits our core strategy of purchasing value-added properties that require re-tenanting or other improvements at a cost far below replacement cost.”
Lakeview Square Mall was built in 1982 and renovated in 1999. The seller was 5775 Beckley Road Holdings LLC. Thomas E. Dobrowski, Cameron Pittman, Chris Turner and Michael Wesson with Rockwood Real Estate Advisors represented the seller. Key Bank provided financing for the transaction. Melissa Pielet with HSA Commercial Real Estate arranged the financing for GK Development.