Chicago area real estate firm acquires Battle Creek shopping mall;first acquisition in Michigan market
BARRINGTON, IL -- GK Development, Inc., a real estate acquisition anddevelopment company, has snapped up a Michigan shopping center. This is the
company’s first acquisition in the Michigan market.
The firm has acquired Lakeview Square Mall, a 559,059-square-footregional mall located at I-94 and State Highway 66 in Battle Creek for $8.8million.
“This was an outstanding opportunity to purchase a well located regionalshopping mall at the ‘right’ pri
ce, with strong anchors and national retailers
already in place,” said Garo Kholamian, president of GK Development, Inc.
“Lakeview Square Mall fits our core strategy of purchasing value
-addedproperties that require re-tenanting or other improvements at a cost far below
replacement cost,” he added.
The property had been in foreclosure.Lakeview Square Mall is located in a strong retail corridor, at theintersection of a primary interstate and state highway, in western Michigan,affording easy and convenient accessibility for 135,000 consumers. Theintersection has roughly 3 million square feet of retail space. Average dailytraffic counts are 43,000 vehicles on I-94 and 27,000 vehicles on MI-66.Lakeview Square major tenants include JCPenney, Mac
y’s and Sears.
The mall also boasts numerous name brand national and regional retailers
including Aeropostale, Auntie Anne’s, Barnes & Noble, Bath & Body Works, TheBuckle, Dunham’s Sports, Finish Line, Sterling Jewelers, Maurices, Payless
rle Vision, rue 21, Victoria’s Secret and Zale’s. The mall also
offers a variety of amenities such as a 10- screen GKC Theaters, sit down
restaurants Buffalo Wild Wings, Applebee’s and Don Pablo’s.
“Retailers expansion plans favor existing properties that
quality space at competitive rents. Lakeview Square Mall fits that criterion,”said Kholamian. “Our objective is to aggressively seek new retailers to
complement the current roster of name brand retailers and provide an enhancedshopping experi
ence for our guests,” he added.