A major Michigan shopping center developer responsible for more than 30-million square feet of retail space since they were founded some 30-years ago now has the keys to the Fairplain Plaza Shopping Center in Benton Charter Township, and says they have exciting plans for the center. Lormax Stern Development, based in Bloomfield Hills, Michigan, has purchased the nearly half-million square foot Plaza for an undisclosed amount.
The 450,000-square foot Fairplain Plaza is conveniently located in the heart of the ‘trade area’ of Michigan's Great Southwest, at the corner of M-139 and Napier Avenue and is the only shopping center of its kind in the area. Major tenants currently include Kohl's, Target, Dunham’s Sporting Goods, Party City, PetSmart, TJ Maxx, Ulta, Mattress Firm, Michael's, Pier 1 Imports, Jimmy Johns, and many others.
Speaking on behalf of Lormax Stern, Andrew Luckoff says, “Fairplain is perfectly located and really is the cornerstone for this market. We are excited to begin improvements in the Plaza…we’ll introduce fresh, new retail concepts to the greater Benton Harbor community.” He adds, “We plan to build Fairplain up to its full potential.”
Lormax Stern specializes in the stabilization and redevelopment of shopping centers like Fairplain Plaza, consistently producing higher-than-average sales per square foot for retail partners. Working closely with surrounding area residents as well as those retailers, Lormax Stern works to ensure the long-term success and added value for the local communities they serve.
This property adds to other West Michigan holdings for Lormax Stern which include: Knapp’s Crossings, North Kent Mall, Frandor Mall, and others.
Richard Kerwin led the acquisition of Fairplain for Lormax Stern. He says, “Western Michigan is a strong growth sector for us. We see such potential here and we’re thrilled to be part of the retail community in this region. We have been eager to get involved in Benton Harbor, and Fairplain Plaza provided the perfect opportunity for us to do so. We have exciting plans for the Plaza.”
Lormax Stern has been in the shopping center development business for more than 30 years, and has actively developed over 30-million square feet of retail space to date. The Bloomfield Hills developer currently owns and manages more than 30 retail centers in Michigan, Illinois, Florida, Kentucky, and Mississippi.
Retailers interested in joining the line-up at the Plaza can get leasing information and answers to other inquiries, by contacting the Lormax Stern corporate office at 248-737-7110.
The current iteration of the Fairplain Plaza was developed by Jim Paul of JPA Associates, who now owns several parcels in the region and operates Slumberland Furniture of Benton Harbor. He sold the shopping center to D.D.R. of Beechwood, Ohio, another major player in the business who owned and controlled more than 107-million square feet of retail space in over 327 retail properties and shopping centers in 41 states and several foreign countries.
The aerial image of the Fairplain Plaza above is from Google Earth.
