Shopping center

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

TWP HOLLAND. – A private Georgia real estate company recently purchased the Felch Street Mall in Holland Charter Township for $21 million.

The 166,100 square foot mall 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, TJMaxx and Ulta Beauty.

A subsidiary of Alpharetta, based in Georgia Octave Holdings and Investments LLC purchased the mall located at 12635 Felch St. on February 7 from Cogency Global Inc.do business like DFG Felchstraat, according to property records. The sale included nine plots.

“This compelling acquisition allows us to benefit from the rapid growth of the Netherlands by acquiring one of the best destination shopping centers in the city’s dominant shopping corridor,” said Zia Rahman, Co-Founder and Chief Strategy Officer of Octave Holdings, in a press release. “Our expansion into other states, including Michigan, is consistent with our vision to examine strong commercial real estate transactions that allow us to maximize profits for our investors.”

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

“We are excited to continue adding to the geographic diversity of our portfolio,” Octave Holdings CEO and co-founder Sridhar Marupudi said in a statement. “The fund now has properties in four different states and Octave has assets in nine states on 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 outdoor retail in the Midwest due to the stability and attractive yield profile relative to other national regions,” said Michail Nieder, Chief Financial Markets Officer of JLL, in a statement. “JLL’s national platform was key in identifying a first-to-market investor who had never invested in the region before. »