Taubman sale would give new owner two outlet malls along I-75

Taubman sale would give new owner two outlet malls along I-75

“It’s not unusual for two outlets to be owned by the same company, especially given their distance,”Robert Gibbs, an urban planner expert and president at Birmingham-based Gibbs Planning Group Inc. “Great Lakes has become one of the leading outlet centers in the Midwest, and it combines outlet retailers with entertainment: cinema, aquarium, golf center, etc.”

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Moreover, they both share the word “outlet”They are two completely different animals, as their names suggest. Others have said otherwise.

“They’re both separate properties and have a different shopper,”Matthew Mason, Conway MacKenzie Inc.’s Real Estate Advisory Practice, Birmingham, is the managing director. He has previously worked with Taubman and Simon Property Group.

“Birch Run is really there to capture a lot of that mobile traffic that’s going north and south along I-75 all summer long. … When it comes to Great Lakes, that kind of functions more like a traditional mall, in that it’s not as dependent on out-of-town traffic going by there. Especially in the winter, you’re not going to hang out at Birch Run as much as you’re gonna hang out at Great Lakes because it’s enclosed.”

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According to a 2010 article in MLive.comSimon Property Group’s Premium Outlets Division purchased what was then called Prime Outlets Birch Run as a part of a $2.3B deal. It also included 20 outlet malls. Simon Property Group saysIt covers 629,000 square feet and has 109 stores. It opened in June 1986.

Taubman Centers created Great Lakes Crossing, which measures 1.36million square feet. It was built in 1998. It is Taubman’s last remaining mall in the same state that the company was founded in 1950, with the exception of Twelve Oaks Mall in Novi. It reached a $1.4B deal to sell Dearborn’s Fairlane Town Center in Clinton Township and The Mall at Partridge Creek, Clinton Township, as part of a seven property deal with Starwood Capital Partners Inc.

“Both Taubman and Simon will continue to operate as usual and as separate companies until the transaction closes,”Taubman Centers stated in a statement to Crain’s. “After the transaction is completed, Taubman expects to operate much as we do today, including related to the ownership, management and leasing of our properties and how we serve our tenants, shoppers and communities.”

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