Signature Associates

Felch Street Shopping Center in Holland Twp. sold for $21M

A privately held real estate company in Georgia recently purchased Felch Street Shopping Center in Holland Charter Township for $21 million.

The 166,100-square-foot shopping center is fully leased to national and regional retailers including Barnes & Noble, Bed Bath and Beyond, Jo-Ann Fabrics, Jonathan Stevens Mattress, Party City, PetSmart, Shoe Carnival, T.J.Maxx and Ulta Beauty.

A subsidiary of Alpharetta, Georgia-based Octave Holdings and Investments LLC purchased the shopping center located at 12635 Felch St. on Feb. 7 from Cogency Global Inc., doing business as D F G Felch Street, according to property records. The sale included nine parcels.

“This compelling acquisition enables us to benefit from the rapid growth in Holland by acquiring one of the best destination retail centers in the dominant retail corridor of the town,” Octave Holdings co-founder and Chief Strategy Officer Zia Rahman said in a statement. “Our expansion to other states including Michigan is in line with our vision to look at solid commercial real estate deals that enable us to maximize profits for our investors.”

Felch Street Shopping Center will be managed by Octave’s property management company, Pinnacle Leasing and Management. The acquisition is the fourth portfolio property acquired by the Octave Opportunity Fund.

“We are excited to continue to add to the geographic diversity of our portfolio,” Octave Holdings CEO and co-founder Sridhar Marupudi said in a statement. “The fund now owns properties in four different states and Octave owns assets in nine states throughout the east coast and midwest.”

JLL marketed the property on behalf of Cogency Global Inc.

“We continue to see an influx of new capital targeting open-air retail in the Midwest due to the stability and attractive yield profile relative to other domestic regions,” Michail Nieder, director of JLL capital markets, said in a statement. “JLL’s national platform was key in identifying a first-to-market investor who had not previously invested in the region.”

Posted By: MiBiz on February 21, 2022.  For more information, please click here to read the source article.

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