The building that housed the last Kmart store in Michigan has a new owner who plans to bring more retail to the site near Battle Creek.
B. Riley Real Estate, a subsidiary of Los Angeles-based B. Riley Financial, said Wednesday it purchased the former Kmart at 15861 W Michigan Ave in Marshall. The purchase price has not been disclosed.
“As the last Kmart store closed when the retailer exited the Michigan market, this store has been a strong retail seller,” Michael Jerbich, president of B. Riley Real Estate, said in a statement. “The strength of the existing center coupled with the future growth of the Marshall Market, including the planned Megasite development initiative, makes it a compelling investment opportunity.”
The 86,479 square foot building sits in the Marshall Plaza Mall one mile east of the city’s downtown. It is also less than three miles from a 1,600-acre site known as the Marshall Megasite, which is being marketed for industrial development.
The developer says he plans to work with the city to redevelop the space to attract a mix of national commercial tenants. No tenants have been named.
The last Kmart store in Michigan closed at the end of November, ending a nearly 60-year history as is for the discount department store chain.
cwilliams@detroitnews.com
Twitter: @CWilliams_DN
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