A collection of retail properties anchoring Troy's City Center development along Big Beaver Road has sold for approximately $40 million, bringing together national chains like Shake Shack, Yard House and Seasons 52 under new ownership. The buyer's identity has not been disclosed.
The DBusiness Magazine report says The Jonna Group at Colliers announced the deal, which covers the City Center Retail Collection sitting along W. Big Beaver Road just west of I-75. The portfolio includes four single-tenant net lease properties and two shopping centers, according to the same report. The standalone buildings are occupied by Fidelity Investments, Shake Shack, Yard House and Seasons 52, while the two shopping centers house Kura Revolving Sushi Bar, Bow Tie Orthodontics, Condado Tacos, Pokeworks and Great Greek Mediterranean Grill.
The retail collection sits adjacent to the 286-unit Zen Apartments, an office tower topping 300,000 square feet, and a parking structure with more than 1,400 spaces, the publication's reporting shows. Human resources firm Trion Solutions signed a 10-year headquarters lease in the office tower in March 2018, according to a Trion Solutions press release.
A Mixed-Use Development Along Big Beaver Road
The City Center site includes retail properties along Big Beaver Road, as well as Zen Apartments and an office tower.
Zen Apartments sits adjacent to the retail collection.
Broker Touts Deal as Culmination of Years-Long Vision
Simon Jonna, founder and CEO of The Jonna Group, led the sale. “The City Center Retail Collection brings together nationally recognized tenants and a location surrounded by places to live, work, and gather,” Jonna said, according to DBusiness Magazine's report. He added, “We’re proud to have brought this transaction to a successful close.”
Jonna serves as Executive Vice President at Colliers International in Birmingham, and The Jonna Group is a group at Colliers that provides investment-sales and advisory services, according to DBusiness Magazine's report.
Big Beaver Road's Commercial Corridor
The sale lands on one of Oakland County's busiest commercial corridors. A listing for a different property on E. Big Beaver Road cites a traffic count of 50,540 vehicles per day.
Hoodline has previously covered other Big Beaver corridor deals, including the sale of a nearby auto campus for $10.5 million and plans for a large auto testing lab in the same stretch of Troy. Who bought the City Center Retail Collection, and what they plan to do with it, remains unknown for now.
