DRA, Pine Tree Acquire Shops at CenterPoint in Grand Rapids for $63.5M

GRAND RAPIDS, MICH. — A fund managed by DRA Advisors in partnership with Pine Tree has acquired The Shops at CenterPoint in Grand Rapids for $63.5 million. The 537,948-square-foot regional shopping center is home to TJ Maxx, HomeGoods, Nordstrom Rack, Sierra Trading Post, DSW, Ulta, Five Below, Jo-Ann Fabrics, Planet Fitness and Dunham Sports. Previously an enclosed mall, the property underwent $38 million in renovations throughout 2012 and 2013 to transform it into an open-air retail center. CBRE represented the undisclosed seller in the off-market transaction.