Fairlane Town Center mall sold to Dallas-based real estate firm

Fairlane Town Center mall sold to Dallas-based real estate firm

A Dallas-based real estate firm has bought Fairlane Town Center in Dearborn and may add housing to the mall property in the future.

Centennial, which owns a dozen other enclosed shopping malls in the US, closed on sale Wednesday, said Carl Tash, the company’s chief investment officer.

The sale price was not disclosed. The former owner, Starwood Retail Partners, acquired Fairlane in 2014 from Taubman Centers. The mall was in receivership at the time of this week’s sale, Tash said.

Fairlane is Centennial’s first property in Michigan. The firm liked how Fairlane is in a good location near major employers and how it is still a viable mall that weathered the COVID-19 pandemic, Tash said.

Centennial envisions making the mall into a “mixed-use” development in the future that would still have shopping, yet also housing and possibly medical-related tenants. The housing could be built in the mall’s parking lot, which is now too big for the number of mall visitors, Tash said.

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