A Dallas-based real estate company may acquire Dearborn’s Fairlane Town Center and add housing to its mall properties in the future.
The company’s chief investment officer, Karl Tash, said Centennial, which owns more than a dozen other closed shopping centers in the United States, was closed on Wednesday’s sale.
The sale price has not been announced. Former owner Starwood Retail Partners acquired Fairlane from Toveman Centers in 2014. According to Tash, the mall was a trustee at the time of this week’s sale.
Fairlane is the first Centennial property in Michigan. According to Tash, he liked Fairlane in a good location near major employers and a viable mall that survived the COVID-19 pandemic.
Centennial envisions making the mall a “mixed-use” development in the future. With this development, you can still shop, but there are also residential and possibly medical tenants. Houses could be built in the mall’s parking lot, Tash said, and are currently too large for mall visitors.
“Fairlane Town Center is a great investment for Centennial and its partners and will continue to operate as a popular local shopping center, but we plan to redevelop it in the future,” Tash said. Mr. says. He said in a statement.
Opened in 1976, Fairlane spans three floors, with 125 stores and 83% occupancy As of February, according to the city of Dearborn.
The mall’s current anchor stores are Macy’s, JC Penny, and AMC Theatres. Previous anchor stores were Sears and Lord & Taylor.
Prior to the pandemic, Ford Motor Company office workers occupied parts of the old Lord & Taylor store and mall, but automakers didn’t use that space.
The former Dearborn Hyatt with 773 rooms, which is the neighbor of the mall, will then be redeveloped as a residence. On sale in October To the developers in New York.
Fairlane is the latest Metro Detroit Mall to change hands this year. March, Troy’s Oakland Mall Was on sale To Mario Kiegi, a 31-year-old real estate investor.