DETROIT, March 30, 2012—X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe, announced today that Detroit-based partner Stokas Bieri Real Estate (SBRE) represented Tom Guastello from Center Management in the purchase of The Promenade at Waterside in Oxford, Mich. X Team International Partner Jim Stokas made the announcement.
The 67,000-square-foot retail development, located just north of downtown Oxford on Lapeer Road (M-24), currently has a 13,000-square-foot specialty strip shopping center with the potential for 57,000 square feet of additional retail space. The center is next to Meijer and includes tenants Tim Horton’s, BoRics and a former Chili’s. Future retail spaces will range from 1,400 square feet to 25,000 square feet build-to-suits. Divisible outlot spaces are currently available up to 4,100 square feet.
“The Oxford area represents one of many growing Michigan retail markets due to its attractive demographics,” said Stokas. “Members of this community, who would typically fight the crowds at congested shopping locations farther away, are now starting to see more viable national box retailers leasing space in centers closer to home.”
The seller, Beltway Capital Management, represented themselves. Terms of the deal were not disclosed.
X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services, property dispositions and retail investments. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation. For more information, please visit www.xteam.net.