According to property records, the Shops at CenterPoint mall was sold on December 30th for $70 million to Seattle-based Bridge33 Capital, a commercial real estate investment firm.
The open-air mall, located in the 3600 block of 28th Street near East Beltline Avenue, was previously owned by Illinois-based Pine Tree, a commercial real estate investor, operator, and service provider.
Pine Tree purchased the mall back in August 2022 for just over $63 million.
According to Bridge33’s website, the company owns retail centers in 24 states, but Shops at CenterPoint is its only Michigan property. It also lists only two suites spanning 4,000 square feet as being available for rent. Currently, there are 37 tenants at Shops at CenterPoint, including Old Navy, Chuck E. Cheese, Nordstrom Rack, and Five Below.
The sale comes shortly after the August 2024 purchase of RiverTown Crossings mall in Grandville by Memphis-based Poag Development Group for just over $97 million.
