- Vacancy at time of purchase 60% 60%
- Occupancy within 2 years 93% 93%
Monroe Shopping Center is one of those assignments Cohn Commercial Properties, Inc. is most proud of. Kroger Corporation, one of Cohn Commercial Property’s longest standing and valued clients, purchased this 132,000 square foot center at the time they had acquired the Food Town supermarket chain. At the time of the purchase, the shopping center was 60% vacant and desperately needing an influx of new retail traffic. Within a 2-year timeframe, Cohn Commercial was successfully able to lease 38,924 square feet, improving the occupancy to its current 93% level. Most importantly, Cohn Commercial Properties was able to secure strong national and regional long-term leases with Dollar Tree, Michigan College of Beauty, Fresenius Medical Care, and Rent-A-Center, resulting in Kroger sales spiking to record levels.
The Redevelopment of Lapeer Pointe Plaza represents one of Cohn Commercial Properties greatest challenges to date. In 2015 this 131,000 square foot development was anchored by an 85,000 square foot Kmart and 25% of the shopping center was vacant. With a strong belief that the property could be redeveloped, CCP (Cohn Commercial Properties) assisted in negotiating a termination with Kmart and procured new deals with Marshalls, Michaels and Dunham’s Sports to locate into this new burgeoning redevelopment. Today the project is 100% leased and tenants are producing exceptionally strong sales. Lapeer Pointe Plaza is now considered the new Gateway to this community.
Holt Michigan Kroger Sale
In 2008 during one of our country’s most challenging economic times, Michigan’s commercial real estate industry was littered with dozens of foreclosed properties. One of these assets was a Kroger anchored shopping center outside of Lansing Michigan. Cohn Commercial Properties (CCP) was engaged to represent a lender to dispose of this asset while also representing Kroger in their efforts to expand their store. In addition, CCP was asked to assist in negotiations with the owner who was a former client prior to the foreclosure. Without compromising his fiduciary responsibility to his client, CCP was able to facilitate a sale of the subject property, negotiate a lease extension with Kroger and expedite the foreclosure, producing results that benefited all of the parties.
Redford Oaks Shopping Center
In 2016, Cohn Commercial Properties (CCP) was tasked with selling a 157,000 square foot shopping center owned by an out of the landlord. CCP sold the asset to a local developer and has procured a lease with a national Dollar Store operator.
New ownership has made a significant investment renovating the shopping center and is seeing positive results in stronger tenant interest.