Bridge33 Capital Buys Michigan Shopping Center for $70M
This asset previously traded for $63.5 million two years ago.
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. Mid-America Real Estate Corp. represented the seller.
DRA and Pine Tree had acquired the property from an Apollo Global Management fund and Stonemar for $63.5 million in 2022, according to Commercial Real Estate Direct.
Originally completed in 1967 as Eastbrook Mall—an enclosed shopping center—the 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.
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TJ Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Golf Galaxy, Ulta, DSW, Old Navy, Dunham’s 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’ End, Potbelly, T-Mobile, Five Guys, Fifth Third Bank and Crumbl Cookies, among others.
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.
Mid-America Principals Ben Wineman, Joe Girardi and Daniel Stern arranged the transaction for the joint venture.
A long list of DRA transactions
DRA Advisors was very active last year, having closed several transactions across the nation.
Back in October, DRA and KPR Centers sold Bethel Shopping Center, a 101,105-square-foot shopping center in Bethel, Conn. Phillips Edison & Co. acquired the asset.
The same month, a fund managed by DRA—in conjunction with Soundwater Properties—acquired a three-property, 376,462-square-foot shopping center portfolio in Ocean County, N.J.
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., for $64.7 million. This marked the partnership’s first purchase.
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