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LBG Acquires The Toys “R” Us Plaza Shopping Center in Portage, Michigan
The property benefits from high traffic counts, excellent visibility and its unique position at the center of the City’s primary retail corridor, which features the highest concentration of retail businesses in the County. Directly across the street from Toys “R” Us Plaza is the Southland Shopping Center, a regional center featuring Kohl’s, Old Navy, TJ Maxx and ULTA, among others. Adjacent to the Southland Shopping Center is The Crossroads Mall, the largest retail center in Southwest Michigan (700,000 square feet) and the only regional mall in Kalamazoo. The mall is anchored by Macy’s, JC Penney, Sears, and Burlington Coat Factory.
Located approximately 50 minutes south of Grand Rapids, the City of Portage is the 3rd fastest growing city in Southwest Michigan. Known as “A Natural Place to Move”, the City’s growing and thriving community can be attributed to its low unemployment rate, job growth, and appreciating home values.
LBG plans to implement a major redevelopment of the entire property, which will include a façade renovation, new signage plan, and significant upgrades to the landscaping and parking lot. “The redevelopment will further enhance the success of the existing tenants plus create a renewed and vibrant shopping environment where new businesses will want to locate and customers will want to frequent,” said David Goldman, Managing Partner of LBG. The company has hired Jodi Milks of the Bradley Company (Kalamazoo office) to handle the leasing of the shopping center.
“This is an ideal redevelopment play and perfect opportunistic buy,” said Leslie Lundin, Managing Partner of LBG. “The center benefits from strong economic fundamentals and a high historical occupancy with stable tenants on long term leases.” Doug Beiswenger, Managing Partner of LBG, added that “the rents in the center are well below market and tenants’ interest in renewing or extending their leases creates an opportunity for LBG to significantly improve the center and ultimately increase rents to market.”
About LBG Real Estate Companies, LLC
Based in Los Angeles, California, LBG Real Estate Companies, LLC is a privately-held real estate investment company that specializes in the acquisition, repositioning, and development of commercial real estate primarily in the Western United States. The company focuses on opportunistic investments with a strong preference for retail properties. LBG’s key objective is to generate superior risk adjusted returns through value creation and income appreciation, while minimizing risk. LBG seeks to acquire retail properties and distressed debt primarily in the Western United States.