Press Release | October 21, 2024
Lormax Stern Expands Northern Michigan Portfolio with Acquisition of Macy’s in Traverse City
Lormax Stern is pleased to announce the acquisition of the Macy’s location in Traverse City, MI at the Grand Traverse Mall, further expanding its presence in northern Michigan. This transaction was a sale leaseback and the store will continue to remain open and operate until early 2025. This acquisition follows the company’s recent purchase of T & R Yamaha in East Jordan now called KAM Powersports, reinforcing Lormax Stern’s commitment to strategic growth in this key region.
A Strategic Expansion
The Macy’s property adds to Lormax Stern’s diverse portfolio in Northern Michigan with the Northport Boat Yard and the Bay Mall in Petoskey. The acquisition underscores the company’s focus on growth in high-growth markets, offering new opportunities for retail and commercial engagement in the Traverse City area.
Building on Recent Success
“This acquisition aligns with our broader strategy to invest in thriving communities like Traverse City,” said Daniel Stern. “Following our recent acquisition of KAM Powersports, and our improvements made to the Northport Bay Boat Yard, this latest addition marks a significant step forward in our ongoing efforts to strengthen our holdings in northern Michigan.”
About Lormax Stern
Lormax Stern Development Company is a fully integrated commercial real estate firm specializing in the acquisition, development, and operational oversight of Commercial Properties throughout the United States. Lormax Stern is a value-centric investor, specializing in assets where value is created through superior market knowledge, asset expertise, detailed analysis, project specific business plans and methodical execution as an experienced investment sponsor. As a fully integrated Commercial Real Estate Firm, Lormax Stern provides expert-level oversight to each component of the investment process, including an in-house acquisition and development team, leasing specialists, property and asset managers, and construction.
Our principals have supervised the acquisition and development of more than 60 large scale commercial properties across the country, with an aggregate GLA exceeding 30 million square feet.
Lormax Stern’s experienced team repeatedly demonstrates capacity and vision as an active purchaser of commercial sites and existing properties for long-term value creation.
For more information, please contact:
Drew Ford
Marketing Director
(248) 737-7110
dford@lormaxstern.com
