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Crain's Detroit Business
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Week In Review; From www.crainsdetroit.com, week of Nov. 17-21.
Publication:
Crain's Detroit Business
Publication Date: 26-NOV-07 |
Format: Online
Delivery: Immediate Online Access |
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Full Article Title: Week In Review; From www.crainsdetroit.com, week of Nov. 17-21.(Briefs)(Urban Retail Properties L.L.C. has acquired the Oakland Mall )(The American Physicians Assurance Corp. plans to cut its premiums )(MGM Grand Detroit Casino L.L.C. sales and earnings) |
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Article Excerpt
Oakland Mall sold to Chicago company
Chicago-based retail management and development company Urban Retail Properties L.L.C. has acquired the Oakland Mall in Troy for an undisclosed price. The 1.5 million-square-foot mall is the first in the area for Urban Retail.
Urban CEO Ross Glickman said plans for the mall include expansion, re-merchandising and cosmetic improvements over the next 12 to 18 months.
The mall was owned by a group of investors under the name Oakland Mall L.L.C. The general managing partner has been Douglas Mossman, though the major investor in the property is the Kogan family, which developed the mall in the 1970s.
Oakland Mall is home to 125 specialty stores in addition to Macy's, J.C. Penney and Sears. Included in the sale were two smaller adjacent properties, Oakland Square and Oakland Plaza.
Urban's acquisition is through a joint venture it formed with the Des...
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