Lormax Stern, Konover South acquire Fairlane Green

Allen Park, Mich. A partnership of retail developers Lormax Stern Development Co. of West Bloomfield, Mich., and Konover South LLC of Deerfield Beach, Fla., announced it completed the acquisition of Fairlane Green shopping center in Allen Park, Mich.

The 275,891-sq.-ft. regional center is tenanted by Barnes & Noble, Bed Bath & Beyond, Michaels, Old Navy, and TJ Maxx, among others.

In addition, the acquired center is contiguous with two other centers that contain Target and The Home Depot as well as Best Buy, LA Fitness, Lowe’s, Meijer and Staples.

Also, notably, the center is LEED (Leadership in Energy and Environmental Design) Gold Certified by the U.S. Green Building Council.

The seller was Archon Group, a subsidiary of Goldman Sachs. Financial details of the transaction were not disclosed.