A Chicago-based real estate private equity firm has purchased the Tel-Twelve Power Center in Southfield.
Kaufman & Jacobs LLC has paid New York-based RPT Realty (NYSE: RPT) $45 million for the 194,000 square foot property on Telegraph Road between 12 Mile Road to the north and I-696 to the south, according to a press release from the seller’s representative JLL, a Chicago-based brokerage firm with its local office in Royal Oak.
The sale marks the end of more than 50 years of ownership either by RPT or its predecessors – who, when locally based, developed it as an enclosed shopping center when Southfield already had one nearby .
An email was sent to an RPT spokesperson seeking comment on Friday.
Current tenants include Best Buy Co. Inc., Ulta Beauty Inc., DSW, PetSmart, Buy Buy Baby Inc. and Michaels Stores Inc., the statement said.
The sale of the nearly 98% leased property does not include Meijer Inc. or Lowe’s Cos. Inc., which are separately held ghost anchors.
A predecessor of RPT RealtyA&W Properties, originally developed Tel-Twelve as a 630,000 square foot enclosed shopping center in 1968, giving Southfield two closed shopping centers within its borders; Northland Center, which is being redeveloped, opened in 1954.
Another RPT Realty predecessor, Ramco-Gershenson Properties Trust, decided to “de-center” Tel-Twelve in 1999 and spent the next few years demolishing it, building new ones and renting it out as a business center. outdoor food with new main users.
There are also a handful of outlet buildings with smaller retailers, and construction began on a new Chick-fil-A restaurant the.