RPT Realty has sold Tel Twelve, a 193,850-square-foot, open-air, retail center in the Detroit MSA in Southfield, Mich., for $45 million.
The buyer was Kaufman & Jacobs.
Built in 1968 and renovated in 2005, the 97.8-percent-leased Tel Twelve is anchored and junior-anchored by Best Buy, Ulta, DSW, PetSmart, BuyBuy Baby and Michaels. Shadow anchors include Meijer and Lowe’s. The newly developed Chick-Fil-A outlet recently entered a 15-year ground lease. During the past 12 months, the site has seen 4.8 million visitors.
Located at 28400 Telegraph Road, Tel Twelve is at the intersection of Telegraph Road and 12 Mile Road, two of the heaviest traveled thoroughfares in southeast Michigan with a total of 100,000 vehicles per day. The property is only 20 miles northwest of downtown Detroit and a half mile away from Interstate 96. The center benefits from the 62,856 residents within a three-mile radius.
