Shops at CenterPoint acquired in off-market sale

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Courtesy Pine Tree

A local shopping center was sold to an unnamed buyer for $63.5 million. 

A fund managed by New York-based DRA Advisors, in partnership with Illinois-based real estate agency Pine Tree, acquired the Shops at CenterPoint, a 537,948-square-foot shopping center at the corner of East Beltline and 28th Street in Grand Rapids. 

The center features retailers TJ Maxx/HomeGoods, Nordstrom Rack, Sierra Trading Post, DSW, Ulta Beauty, Five Below, Jon-Ann Fabrics, Planet Fitness, Dunham Sports and others.

“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, vice president, 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.”

The Shops at CenterPoint is Pine Tree’s first acquisition in Grand Rapids and contributes to the nearly $375 million in acquisitions for the company in the past year.

Previously an enclosed mall, The Shops at CenterPoint underwent $38 million in renovations throughout 2012 and 2013 to transform it into an open-air retail center. The property attracts customers from around West Michigan, including Holland and Muskegon.

CBRE Group representing the seller in the off-market transaction.

“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,” said Brett Gottlieb, managing director of DRA Advisors. “We are excited to get to work alongside the Pine Tree team.”

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