OAKLAND MALL

OAKLAND MALL
TROY, MICHIGAN
RETAIL PROPERTIES, LLC
RETAIL PROPERTIES, LLC
OVERVIEW
n Oakland Mall is a 1.5 million square foot super regional
shopping center located in the Detroit Metropolitan area
of Michigan, serving approximately 650,000 people with
an average income of about $73,000.
n Oakland Mall’s family friendly atmosphere, selection
of stores, with great access and visibility from major
thoroughfares Interstate 75, 14 Mile Road, and John R
Highway make it a top destination.
n Oakland Mall’s central location in the Tri-County
shopping district continue to make it a powerful retail
destination today and into the future.
n Anchored by Macy’s, Sears and JCPenney, Oakland Mall
includes more than 128 specialty stores.
n Oakland Mall has a variety of exciting stores including
Aeropostale, Express/Express Men, Victoria’s Secret,
Forever 21, Bath & Body Works, and The Children’s Place.
n The Detroit Metropolitan area is home to six community colleges plus Oakland University and Wayne State University as well as campuses for the University of Michigan,
Michigan State, Central Michigan, Western Michigan, and
Eastern Michigan Universities. Within the market trade
area enrollment for the universities is estimated at 100,000
students in the fall of 2010 and those universities have a
total combined annual operating budget in excess
of $1.4 billion.
n Oakland Mall as a total retail complex exceeds $300
million in annual sales. In addition, the department stores
are very strong in their respective districts: Sears is #1
out of 11, Macy’s is #3 out of 18, and JCPenney is #3
out of 18.
PROPERTY INFORMATION
& TRAFFIC COUNTS
LOCATION 412 W. 14 Mile Road Troy, Michigan www.oaklandmall.com
REGIONAL ACCESS I-75 and 14 Mile Road John R and 14 Mile Road
DESCRIPTION
Super Regional Shopping Center
TRAFFIC PATTERN 325, 121 daily vehicles* MAJOR STORES Macy’s, Sears, JCPenney TOTAL RETAIL SQ. FT.
1,500,000
PARKING: 8,500 Spaces OPENED: 1968 NUMBER OF STORES: 128
* © CoStar Inc.
AERIAL VIEW
COMPETITION PROFILE
7.5 Mile Center
Radius
Median
Average
Population Household
Income Income Population Projection HouseholdsProjection
Fairlane Town Center
$40,370
$50,253
796,034746,041290,200270,307
Great Lakes Crossing $83,517 $64,061
276,276
273,853
106,964
106,822
Lakeside Mall $73,974
$62,278
495,746506,076194,514200,438
Laurel Park Place
$65,505 $83,709
431,135
411,712
172,340
164,548
Macomb Mall $49,723
$59,666
523,756517,078220,403220,620
Oakland Mall $56,604
$72,289
652,429638,430269,311266,385
The Mall at
Partridge Creek $56,138
$70,749
447,178458,492178,559184,536
Somerset Collection
$65,569
$87,595
507,361496,295211,253208,601
Village of
Rochester Hills
$69,939 $83,32
6295,682
296,826
111,574
112,785
Great Lakes
Crossing
The Village of
Rochester Hills
Lakeside
Mall
The Mall at
Partridge Creek
The Somerset
Collection
Oakland
Mall
Twelve Oaks
Mall
Laurel Park
Place
Fairlane Town
Center
Macomb
Mall
MARKET TRADE AREA
POPULATION HOUSEHOLD INCOME
2010 Estimate: 652,429
$72,289 Average Income
70% Income over $35,000
POPULATION AGE TOTAL HOUSEHOLDS
30% Age under 25
42% Age 25-54 269,311
28% Age 55+
Median Age: 40.0
Source: Urban Retail Properties,
LLC Market Research
© 2011 CLARITAS, INC. All Rights
BUSINESS
PROFESSIONAL EMPLOYMENT CATEGORIES:
Professional 35% Administrative Support 15%
Services 12% Mgmt/Business 10%
Transportation 5% Sales 12%
Other 3% Production 8%
White Collar 66%
Blue Collar 18%
DAYTIME POPULATIONS
In Oakland Mall’s primary trade area there are 28,925 businesses with 351,063 employees.
Employee to residential population ratio is 53%
There are over 49 hotels within Oakland Mall’s primary trade area providing 5,252 rooms.
LARGEST PRIVATE EMPLOYERS IN METRO DETROIT
Ford Motor Company University of Michigan General Motors Chrysler Henry Ford Health System Trinity Health 38,000 27,754 24,867 21,927 19,951 13,122 Automotive
Public University/Health Care
Automotive
Automotive
Health Care
Health Care
LARGEST PUBLIC EMPLOYERS IN METRO DETROIT
US Government Detroit Public Schools City of Detroit US Postal Service
18,900 13,039 11,396 11,110
Federal Government
Public School System
City Government
Postal Service
ECONOMY
From January to December 2011 the number of employed Oakland County
residents increased by 12,268 the largest increase among all of Michigan’s counties.
Source: US. Deartment of Commerce, Bureau of Labor Statistics
Over 57% of 2010 Fortune 500 companies have at least one business location in
Oakland County and 86 of the region’s top Private 200 firms are headquartered in
Oakland County as well.
Source: Crains
SUNDAY, MARCH 18, 2012
WWW.FREEP.COM
x
B
BUSINESS
313-222-6610 business@freepress.com
◆
x
PHELAN: Fiat may grow American lineup to 3. 2B
GROWING: Firm’s technology gets noticed. 3B>
CAIN: Patterson helps hard-luck hound. 3B
Carat comes to Detroit
TOM WALSH FINDS
SIMILARITIES WITH DETROIT’S
CURRENT FISCAL SITUATION
Benton Harbor
progress seen
O
ne week from today, Benton
RICHARD DREW/ASSOCIATED PRESS
Harbor will celebrate the second anniversary of Gov. Jennifer
Greg Smith, an executive direcGranholm’s decision to put an emertor at Goldman Sachs, resigned
gency manager in control of that
with a blistering editorial in the
struggling city’s finances.
New York Times.
OK, maybe “celebrate” isn’t
exactly the right word.
The autocratic rule of Joe Harris, Benton Harbor’s manager, has
drawn howls of protest from local
elected officials whose own powers
were diminished, and sharp criticism from the NAACP and even
MSNBC host Rachel Maddow. While
the budget deficit has shrunk from
around $2.5 million when Harris
arrived to $650,000 today, Benton
Harbor remains in the red.
Still, things are improving, says
Jeff Fettig, CEO of Benton Harbor’s
largest taxpayer and corporate
citizen, global appliance maker
Whirlpool.
“Our view is that it’s working
By Daniel Wagner
and a lot of progress has been
and Christina Rexrode
made,” Fettig told me Thursday in
Associated Press
Detroit.
What advice, I
The young banker whose
asked Fettig, might
dramatic public resignation
PHOTOS BY WILLIAM ARCHIE/DETROIT FREE PRESS
he have for Detroit as
stung Goldman Sachs last week
John Strika, left, helps Samara Bradley move her desk to her new location at Carat, GM’s new global media-buying company, in
Mayor Dave Bing
joins officials from every corDetroit on Friday. Carat is opening a new office in downtown Detroit.
and Gov. Rick Snyder
ner of the government in queswrangle over how to
tioning whether the august inavert the impending
vestment house deals honestly
financial collapse of
with its clients.
Michigan’s largest
Jeff
In separate cases, judges,
city?
Fettig
lawmakers and regulators have
“Obviously, it’s a
suggested the bank ignores condifferent scale,”
flicts of interest and sells to its
Fettig noted — Benton Harbor’s
clients investments it knows are
population of 10,000 is about 1/70th
weak, all in the pursuit of profit.
that of Detroit’s — “but our view is
The resignation Wednesday
that everybody has to be accountby Greg Smith, a 33-year-old
able.”
banker for Goldman in London,
“In the case of Benton Harbor,
was a shot from within Goldthe city had reached a point where it
man’s ranks.
fundamentally ran out of money,”
In an Op-Ed article for the
he said, leading to appointment of a
New York Times, Smith said the
manager.
bank sells financial products
Just as Benton Harbor ran out of
“that we are trying to get rid of.”
cash in March 2010, Detroit stands
“It makes me ill how callouson the brink of the same debacle,
ly people talk about ripping
for the same reasons.
their clients off,” Smith wrote.
By Zlati Meyer
“We had a period of time where
The essay was widely circuFree Press Business Writer
past officials did not fiscally manlated online, and Smith became
age in a responsible way. And that
a trending topic on Twitter. But
eneral
Motors’
new
media-buying
compaled to a very bad outcome which had
his charges were only the latest
ny is expected to bring an estimated 200
to be fixed,” Fettig said of Benton
embarrassment for Goldman,
Harbor. Ditto for today’s Detroit.
which has built a sterling repunew jobs to downtown Detroit.
Just as Granholm, as the state’s
tation over 143 years on Wall
Carat, which is owned by the LondonCEO, had to step up when Benton
Street.
headquartered Aegis Group, is opening
Harbor went bust — to ensure delivThe bank paid $550 million in
ery of basic services to people —
2010 to settle civil charges that it
an office on the 23rd floor of One Detroit
Snyder is duty-bound to do the same
misled investors while selling
Center.
in Detroit. If anything, the urgency
them investments in the U.S.
When the automaker was looking for a firm to
for Snyder is even greater, because
housing market as the bubble
of the damage that a Detroit default
burst — even as Goldman
handle its global media-buying, it wanted an agency
and bankruptcy could do to credit
reaped hundreds of millions in
that would be located near its headquarters and be
ratings and stability of neighboring
profits with its own bets that
WWW.FREEP.COM
◆
cities and counties.
“partFRIDAY,
of theMARCH
fabric23,of2012
the city,”
in GM marketing
housing prices would fall.
Four months after Granholm
A congressional committee
chief Joel Ewanick’s words.
interceded in Benton Harbor, Fetrecommended that law enforce“We think it’s even more important to show this Carat employees can see the GM headquarters from their office
tig’s Whirlpool stepped up with an
ment authorities look into a sespace on the 23rd floor in the One Detroit Center building.
$85-million commitment to put its
ries of deals that Goldman sold
commitment right now,” Ewanick said. “We know
Check out her tax
page
for them
advice, forms and the
new headquarters campus and 1,200
whileweb
executives
derided
what it’s like to have friends come and help us when solvency.
to 1,400 workers in downtown Benin e-mails as “junk,” “crap” and
we’re going through hard times, and we want to be
help another
news.profane
Go toadjective.
freep.com/taxtips
But Martin Cass, president of Caratlatest
Globaltax
Manton Harbor.
Without some indication that
And last month, a Delaware
that kind of good citizen right now. We understand agement, who oversees the Detroit office, is hopeBenton Harbor’s dysfunctional
court
nearly
blocked
a
merger
how much work this is, fixing the city. We’re not go- ful.
government was on the mend, would
between Kinder Morgan and El
ing to wilt away from that.”
“There’s definitely a sense of buzz, a sense of reWhirlpool have chosen that site?
Paso, two energy companies, beThe company certainly didn’t
cause Goldman had ties to both
This comes as Detroit’s financial crisis comes to vival,” he said. “I hope the political elements get
have to: It could have expanded next
companies, raising questions
a
head,
amid
a
faceoff
between
Mayor
Dave
Bing
sorted
out,
and
we
can
all
get
on
with
life.”
313-222-8765
business@freepress.com
door in St. Joseph. Heck,
it could
about a conflict of interest.
and Gov. Rick Snyder over the best path to restore
easily move headquarters 90 miles
“This is the latest entry into a
❚ CARAT TO HANDLE ALL MEDIA-BUYING. 6B
to Chicago, where Whirlpool already
See BANKER, PAGE 6B
has a swell product showplace
downtown.
Fettig remains upbeat about
Benton Harbor’s outlook.
“Whenever they do make the
transition back to elected official
management … ,” he said, “I’m sure
In some cases — when
If a third party reports
he last thing any taxpayer
the city will be stronger than it’s
several types of stock sales
what an investor paid for the
wants to hear about is yet
been in a long time.”
have been made in a year —
stock, it could be harder for a
another new tax form. But if
Snyder, to this point, has tried to
taxpayer to underestimate the some taxpayers could even
you sold stock in 2011, get
enlist Detroit’s elected leaders in a
GREEN LEADERS
have to fill out six Form 8949s
taxable gain on a stock sale.
ready for a brand-new headconsent agreement whereby they
a year.
A key change this tax seaache called Form 8949.
Over the last 18 months, alThat’s
lower than the in
15.0
IN MARCH, LMC BREAKFAST
could claim some role in saving the
Yes, “six of them,” said
son: An investor who acquired
In the past, you’d just work
SUSAN TOMPOR SAYS IRS
The Detroit Free Press
Michimost
every automaker has inmillion
rateandfor
but Welbourn, tax manager
city’s financial ship, even as they
stock in 2011
soldFebruary,
it before Leslie
through a Schedule D to deal
TO
GET
BETTER
HANDLE
ON
gan Green Leaders awards
AUTOMOTIVE
IS
PREDICTING
surrender significant
control.Snavelywith the profits or losses
for Doeren Mayhew in Troy.
the end ofbe
2011the
will see
that
retroduced a new or redesigned
third-straight
industry
analysts expected at would
By Brent
breakfast will be at 8 a.m. April
ACTUAL
If Bing and council
refuse,
Sny- Writer
Best bet: Look at the 1099-B
the broker
reported
the cost
sulting from selling stock.
compact
above
14 million.
the start of
2012, PROFIT
when analysts month
Free Press
Business
27 at the MGM Grand
Detroit. car, and the industry
AN
ANNUALIZED
SELLING
der must do as Granholm did with
forms that arrive from brobasis for the securities in Box
Beginning in the 2011 tax
Tickets for the annual
event areis offering features on
overall
But
the
real test for thekerage
in- firms very carefully.
were
predicting
sales
less
Benton Harbor and impose a new
3 of
Form
1099-B.
ting a better
handleof
on an
year, though, you’re also
going
$40 per person, andthose
tables ofcars
10
RATE
OF 14.1
previously reserved
dustry
willForm
come
over
than
automakers,
2012
looks
commander to right For
the ship.
“You have
to know
what MILLION.
The new
8949
re- the spring
investor’s actual profit.
to need
to fill
out Form
894914 million.
can be reserved. For more
But if that move
was
get be
hung
quires
you to carefully
enter said,
a you’re
thefirst
changes,
the
with
thatexpectSchedule D.
forhonorlarger cars.
and
summer,
Schuster
as looking for and how to
“Results Under
for the
quarter
like
it to
will
better
than
information about the
up for months or years because of
read a broker’s
statement,”
variety
of codes.
Internal
Revenue
Service
Form 8949 is for “Sales
and suggest
Higher
prices aren’t
prices
test consumer confiof 2012
that
the year
will gas
ed — at least in the U.S.
ees orhurting
the event, go to Examples include the Chevlawsuits or ballot proposals, why
Welbourn said.
What’s worse, though, is
would have more information
Other Dispositions of Capital
michigangreenleaders.com
or
dence
as some
policymakers
in auto sales yet, Schuster said, but rolet Cruze, Fiat 500, Ford Fothan what
current
expectaU.S.more
consumers
are on pace be better about
would businesses invest
monthat it’sand
possible
taxpayan investor
paid
Assets.”
❚ EVERYDAY INVESTORS TO
www.facebook.com
ey and locate thousands
jobs in1.4 million
theyWITH
areNEW
affecting what
people cus, Honda Civic, and Hyundai
Europe
try
to to
contain
that contitions,”
said
Schuster,
to buyofabout
ers would
need
file more
forJeff
a stock
through asenior
thirdThenew
extracars
reporting
is
REPORT MORE
/michigangreenleaders.
Detroit, as Whirlpool
doing in in March,
than one
8949crisis.
in a given tax
party verification
of the cost
designed,
generFORMS. 6Bare buying.
Elantra and Veloster.
debt
president
of forecasting
at nent’s
andistrucks
or naturally,
about tovice
Benton Harbor?
year.
of the asset.
ate extra tax revenue by get-
Goldman
under
scrutiny
Past questions
about bank revisited
GM’s media-buying firm
to bring 200 jobs to city
AGENCY TO BE ‘PART OF THE FABRIC’ OF DOWNTOWN DETROIT
G
12A
x
BUSINESS
◆
x
SUSAN TOMPOR’S TAX TIPS
GET TIPS FOR FILING YOUR TAXES
LIVE CHATS WITH INDUSTRY TAX EXPERTS
DOWNLOAD AND PRINT TAX FORMS
2012 vehicle sales may top expectations
Sell stock? Get ready for new tax form
T
Higher gas prices not hurting them yet
6% more than in the same month
last year.
That would put the industry
on pace to sell14.1million for the
year, which is higher than most
LMC Automotive.
In March, LMC Automotive
is predicting an annualized selling rate of 14.1 million cars and
trucks.
On Thursday, the average
price for a gallon of gas was
$3.88, or 33 cents higher than a
year ago, according to AAA’s
Fuel Gauge Report.
Through the first 18 days of
March, subcompact and compact cars accounted for approximately 23% of retail sales in the
U.S.
“I think the styling in many
cases is more appealing and the
content has increased,” Schuster said.
Today,
consumers
can
choose from 41 small car models
in the U.S. market compared
with just 30 back in 2007.
The U.S. housing market,
meanwhile, is only starting to
show signs of a recovery, which
means pickup sales are unlikely
to outpace industry growth.
With higher gas prices, and
more choices, the overall share
of small cars in 2012 could climb
to its highest level ever, at nearly 20% of industry sales, Schuster said.
❚ CONTACT BRENT SNAVELY: 313-222-6512
OR BSNAVELY@FREEPRESS.COM
ATTRACTIONS
n Metro Detroit hosts year round quality entertainment
featuring live music and theater performances at the
following venues:
• Fox Theatre
• Fisher Theater
• Detroit Opera House
• Music Hall
• Masonic Temple
• Cobo Hall
n Metro Detroit is the home of state of the art sports arenas:
• Comerica Park home to the Detroit Tigers
• Ford Field home to the Detroit Lions
• Joe Louis Arena home of the Detroit Red Wings
• The Palace of Auburn Hills home of the Detroit Pistons
n The Detroit Zoo has 125 acres of wildlife attractions
including one of largest polar bear exhibits, a kangaroo walk,
and animals feeding.
n The Detroit Institute of Arts, Detroit Science Center,
Detroit Zoo, and Detroit Historical Museum house several
exhibits and attractions.
n The Woodward Dream Cruise held annually the second
weekend in August draws over 1.7 million people and
400,000 classic cars.
n North America International Auto Show held in January
at Cobo Hall welcomes 715,000 car enthusiasts to the event.
Arts, Beats, and Eats brings in over 500,000 people on
n Arts, Beats, and Eats brings in over 500,000 people on
Labor Day weekend and raises over $350 million for
local charities. It also brings in over $40 million for
the local economy by celebrating the diversity of artists,
musicians, and food in Metro Detroit.