A Michigan sporting goods retailer will help a northeast Fort Wayne shopping center round out its roster of tenants as it looks to rebound.
Waterford, Mich.-based Dunhams Sports will join Toys R Us and others at the Glenbrook Commons shopping plaza sometime later in the year, according to a statement from the propertys new owners.
Bon Aviv Investments LLC of Englewood, N.J. and Johnston, Pa.-based Zamias Services Inc. have teamed up to purchase the site from CB Glenbrook LLC of Chicago for an undisclosed sum. The Allen County Assessors Office lists the 254,000-square-foot propertys value at $7.5 million.
This is not the first time the companies have paired up. Last year, Bon Aviv and Zamias purchased five shopping centers for $68 million, according to Zamias website.
West of Glenbrook Square, Glenbrook Commons has dealt with the departures of Linens N Things and discount retailer Steve & Barrys. Both filed bankruptcy and decided in the fall of 2008 to liquidate.
Representatives of Bon Aviv and Zamias were not available for comment Monday. Officials at CB Glenbrook LLC could not be reached.
Amit Barnoon, CEO of Bon Aviv Investments, said in a statement Monday that Fort Wayne is a viable area. He said the nearby SportOne Parkview Fieldhouse will mesh well with Dunhams, a sporting goods and apparel retailer.
Dunhams is a full service sporting good super store that will occupy 66,000 square feet and be a perfect complement, Barnoon said. Fort Wayne is a strong retail market and we look forward to bringing new retailers to the property over the coming months.
Glenbrook Commons is the second shopping place in Fort Wayne to recently land an anchor tenant. In December, Glenbrook Square announced it inked a deal with Carsons department store to fill a spot vacated by Marshall Fields in 2005. Remodeling of the 122,000-square-foot site will begin in February.
It is unclear where in Glenbrook Commons Dunhams will reside.
Dunhams, one of the nations largest retail sporting goods chains, was founded in 1937 in Detroit as Dunhams Bait and Tackle and has grown to more than 150 stores in 16 Midwest and Southern states.
At a glance Bon Aviv Investments LLC is a privately held joint venture between Aviv Arlon Ltd. and Bon Investments Ltd.
Zamias Services Inc. is a full-service real estate company has developed more than 30 million square feet of retail space. The current Zamias portfolio of assets consists of 43 shopping centers, totaling over 12 million square feet, in nine states.
Source: Joint press release