Mall at Partridge Creek, Fairlane Town Center under new management
The Mall at Partridge Creek in Clinton Township and Fairlane Town Center in Dearborn are under new management.
Syracuse, N.Y.-based Spinoso Real Estate Group LLC is marketing for lease the two troubled malls.
The change in management comes as Partridge Creek has recently gone into receivership, according to commercial real estate research firm Trepp LLC.
On its website, Spinoso promotes the 1.4 million-square-foot Fairlane Town Center as the only enclosed mall for 11 miles in a densely populated market.
It touts The Mall at Partridge Creek, a 600,000-square-foot shopping center, as “an exciting open-air regional shopping center” in Clinton Township with nearly 80 stores and restaurants. The development was first reported by Crain's Detroit Business.
The Mall at Partridge Creek has had financial woes since prior to the COVID-19 pandemic, when Florida-based Starwood Capital Partners defaulted in November 2019 on a $725 million loan that includes the shopping center and three other mall properties in other states. The current loan balance is $681.6 million.
Fairlane in Dearborn entered receivership last year after its $161 million portfolio loan, including two other mall properties, was transferred to special servicing in March 2019. The current loan balance is $127.1 million.