NORTHBROOK, Ill. (August 10, 2022) – A fund managed by New York-based DRA Advisors in partnership with Northbrook-based Pine Tree, acquired the Shops at CenterPoint, a 537,948-square-foot super regional shopping center located in Grand Rapids, Michigan. Situated at the corner of East Beltline and 28th Street in Grand Rapids, the Shops at CenterPoint features retailers TJ Maxx/HomeGoods, Nordstrom Rack, Sierra Trading Post, DSW, Ulta Beauty, Five Below, Jon-Ann Fabrics, Planet Fitness, and Dunham Sports, among others.
The DRA-Pine Tree partnership acquired the property for $63.5 million. The Shops at CenterPoint represents Pine Tree’s first acquisition in Grand Rapids and contributes to the nearly $375 million in acquisitions for the company in the last 12 months.
Previously an enclosed mall, The Shops at CenterPoint underwent $38 million in renovations throughout 2012 and 2013 to transform into an open-air retail center, making it the focal point of West Michigan’s largest retail corridor. The property attracts customers from the entire western Michigan tri-city area which includes Holland, Muskegon, and Grand Rapids.
“Located along the MSA’s premier retail corridor, the Shops at CenterPoint is the trade area’s dominant open-air shopping center,” said Conor Bossy, EVP, Director of Acquisitions at Pine Tree. “We’re extremely proud to be a part of the future of this strong regional center in a fantastic and growing market, and we look forward to leveraging our team’s extensive retail expertise to strengthen what is one the area’s most important retail assets while connecting with and serving the Grand Rapids community.”
“Shops at CenterPoint represented a compelling off-market opportunity to acquire a prominent, stabilized, and cash-flowing power center generating tremendous sales coupled with value-add upside. We are excited to get to work alongside the Pine Tree team,” said Brett Gottlieb, Managing Director of DRA Advisors.
Shops at CenterPoint was acquired on an off-market basis, with CBRE’s Chicago office representing the seller.