Poag Development Buys Michigan Super Regional Mall

Poag Development Group has purchased RiverTown Crossings, an approximately 1.3 million-square-foot enclosed mall in Grandville, Mich. Brookfield Properties previously owned the main section of the mall, while some of the anchor stores were under the ownership of other entities, according to WOOD TV8 reporting.

The two-story enclosed super regional shopping mall came online in late 1999. Poag Development plans to leverage redevelopment expertise to transform the 80-acre RiverTown Crossings both inside and out.

The new owner will collaborate with JLL—its management and leasing partner—to revitalize the shopping mall by introducing new uses and taking advantage of underutilized parking areas.

Macy’s, Kohl’s, JCPenney, Celebration Cinemas and Dick’s Sporting Goods are anchoring the property. RiverTown Crossings also features a mix of national and regional retailers such as Barnes & Noble, Bath & Body Works, Claire’s, GameStop, H&M, Hollister, Olive Garden, Pandora, Old Navy, Sephora, Sushi Go Go and Victoria’s Secret, among others.

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Located at 3700 Rivertown Parkway, RiverTown Crossings is part of the Grandville – Wyoming submarket. The shopping mall is close to Interstate 196, allowing direct access to downtown Grand Rapids, which is less than 10 miles northeast of the property.

The retail scene in Grand Rapids

The Grand Rapids retail market ended the second quarter with negative absorption and several notable sales transactions, according to a Colliers report. Despite a general slowdown in investment volume, prime and well-located properties still attract buyers, reflecting current retail market trends.

The vacancy rate clocked in at 5.3 percent, rising by 70 basis points from the previous quarter and surpassing the national average of 4.1 percent, the same source shows. The overall average in the market slightly decreased, falling from $15.69 to $15.35 per square foot triple net.