money Dearborn's Fairlane Town Center mall sold again after less than 1 year
Fairlane Town Center in Dearborn has been sold again, less than a year after the mall's previous sale to a Texas company.
The new owner is New York-based Kohan Retail Investment Group. The previous owner, Dallas-based real estate firm Centennial, bought the mall last May.
A representative for the New York company on Tuesday confirmed the purchase. The head of the company, Mike Kohan, was not immediately available for comment.
Fairlane's new owner is known for buying struggling and sometimes distressed shopping malls. Kohan Retail Investment Group was the final owner of Eastland Center in Harper Woods before that mall closed for good at the end of 2021.
Centennial declined comment and it is unclear why the Texas company chose to sell the mall so soon after buying it.
At the time Centennial bought Fairlane last May, a company executive shared visions for turning the enclosed mall into a "mixed-use" development with possible housing and medical-related components. However, such changes didn't happen.
More: Parade Co.'s $45M plan to buy, rehab Detroit naval armory faces setback
More: 7 Detroit developments showing significant progress — or nearing completion
Fairlane, opened in 1976, is spread out over three floors and reportedly had 125 stores as of early 2022.
The mall's remaining anchor stores are Macy's and JC Penney. It previous anchors were Sears, Lord & Taylor and an AMC movie theater that closed in November.
Kohan Retail Investment Group has for several years also owned Midland Mall on the outskirts of Midland, which it acquired out of foreclosure. However, the mall was sold last month in an online auction to a "mid-Michigan entrepreneur," although the sale has not yet closed, said Todd Szymczak, a senior vice president of Southfield-based real estate firm NAI Farbman.
Contact JC Reindl: 313-222-6631 or jcreindl@freepress.com. Follow him on Twitter @jcreindl.
This article originally appeared on Detroit Free Press: Fairlane Town Center mall sold to Kohan Retail Investment Group
