Younkers store at RiverTown Crossings in Grandville. Younkers store at RiverTown Crossings in Grandville. COURTESY PHOTO

Brookfield Properties purchases former RiverTown Younkers location

BY Sunday, March 24, 2019 09:42pm

GRANDVILLE — Mall owner Brookfield Property Partners LP has purchased the former Younkers store at RiverTown Crossings in Grandville.

The purchase came as part of A&G Realty Partners’ auction of 10 department store properties formerly owned by Milwaukee-based The Bon-Ton Stores Inc., which filed for Chapter 11 bankruptcy protection in 2018. The Younkers location at The Lakes Mall in Fruitport Charter Township near Muskegon was also included in the auction.

According to property records, the two-story 150,081-square-foot anchor store at RiverTown Crossings sold for more than $4.4 million to Brookfield Property Partners (Nasdaq: BPY), which acquired the mall last year as part of a $15 billion deal for former owner GGP Inc.

Bon-Ton originally purchased the Grandville facility for $16.4 million in 2006.

According to a spokesperson for A&G Realty, the owners of The Lakes Mall, Great Neck, N.Y.-based Namdar Realty Group, purchased the 106,131-square-foot former lakeshore Younkers facility, which was situated on a more than 9-acre site.

The sale closed on March 14, according to Namdar’s website. A purchase price was not immediately available.

The anchor stores at both malls closed in 2018 amid a turbulent time for large retailers.

In May of last year, a joint venture between Great American Group LLC, Tiger Capital Group LLC and Bon-Ton’s second lien noteholders retained A&G to dispose all real estate assets of the former retailer, as MiBiz previously reported. This included seven ground leases, 194 leased locations and 23 fee-owned properties.

Neither Brookfield Property Partners nor Namdar Realty Group could be reached for comment.


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Read 3757 times Last modified on Sunday, 24 March 2019 21:03
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