ROSEVILLE, MI—West Bloomfield, Mich.-based Lormax Stern, known for turning around troubled retail in Michigan, has purchased Macomb Mall here at 32233 Gratiot Ave. for an undisclosed amount.
Developed in 1964, the 921,000-sq.-ft. Macomb Mall is the largest indoor mall serving south Macomb County, following the demise of Universal Mall in Warren, Mich. Anchors at Macomb Mall include Sears, Kohl’s, Old Navy and Babies “R” Us, with the former Value City space now vacant. The property also features more than 85 specialty stores, including Aéropostale, American Eagle Outfitters, Bath & Body Works, Charlotte Russe, Helzberg Diamonds, and a plethora of food and beverage options, like National Coney Island and Olga’s Kitchen.The new owners plan renovations to the single-story building that are expected to include a wide array of interior and exterior upgrades. Renovation details will be released at a later date, according to a company statement.
Director of Operations Karl Zarbo said local residents support keeping the property open, after it nearly closed when former owner Thor Equities missed one of its loan payments. “We believe that with such an outstanding mix of retailers and restaurants, along with the center’s prime location, we will be able to fill existing vacancies and the one anchor tenant position in a short period of time. The demand is there,” Zarbo said in the statement.
Last month, the company purchased Bay City Mall in Bay City, Mich. and has since signed leases there with rue21 and Marshalls. The company also redeveloped the former Livonia Mall into the open-air Livonia Marketplace.