Owners of suburban Detroit’s upscale Somerset mall buy ex-Kmart headquarters for $17.5 million
By APThursday, January 7, 2010
Somerset mall owners buy ex-Kmart headquarters
TROY, Mich. — Public records say the owner of southeastern Michigan’s upscale Somerset mall has bought the adjacent former Kmart Corp. headquarters site for $17.5 million.
Forbes Co. owns the Troy-based Somerset Collection, and managing partner Nathan Forbes says the two sides closed the deal Dec. 29. He says there aren’t immediate plans for its use.
The Detroit Free Press and The Detroit News say municipal records show the 40-acre complex sold for less than half the $41.5 million New York-based BlackRock Inc. paid for it in 2005. Plans for a mixed-use complex failed.
The buildings became vacant after Kmart Holding Corp. bought Sears, Roebuck and Co. for $12.3 billion in 2005 and formed Sears Holdings. It’s based in Hoffman Estates, Ill.
