National off-price retailer joins anchors HomeGoods, Five Below, Kohl’s and Ulta in 220,000 square foot regional shopping center owned and managed by Continental Realty Corporation
(Photo credit: Continental Realty Corporation)
Burlington Stores, Inc., a national discount retailer offering low prices every day on brand name merchandise for the entire family and home, has chosen Oakland Square as the site for its first store in the Troy, Michigan submarket with plans to open within the 220,000 square foot regional shopping center owned by Continental Realty Corporation (CRC) this fall. Burlington joins HomeGoods, Five Below, Kohl’s and Ulta as anchor tenants in the center that is now 83 percent leased. CRC’s Rachel Lee, together with Daniel Stern, Jared Gell, Eric Unatin, and Eric Birnholtz of Mid-American Real Estate Michigan represented the landlord in this transaction. Bradley Gershman of Gershman Partners and Andrew Luckoff of Landmark Commercial Real Estate Services represented the tenant.
With more than 1000 stores open nationwide at the end of Q4 2023, Burlington offers customers a selection of in-season, fashion-focused merchandise at up to 60 percent off other retailers’ prices, including women’s ready-to-wear apparel, menswear, youth apparel, baby products, beauty, footwear, accessories, home goods and coats.
“Our goal is to continue to offer area residents low prices on brand name merchandise for the entire family and home,” said Michael O’Sullivan, CEO, Burlington Stores. “We’re continuing to expand our footprint across the country and are excited to be opening a new store in Troy, MI. We look forward to giving local customers the chance to discover big savings on a wide range of products.”
Burlington currently operates eight stores in the northwest Detroit area including in Bloomfield Township, Rochester Hills, Southfield, and Sterling Heights.
CRC, a Baltimore-based real estate investment and management company active in 11 states with more than $3.7 billion Assets Under Management (AUM), acquired Oakland Square, together with the adjacent Oakland Plaza, in 2021. The two assets combine for nearly 392,000 square feet of gross leasable area and sit on 41 acres.
Delivered in 1986, with additional construction completed in 1997, Oakland Square is a three-building retail center leased to six tenants, with the average tenure of existing tenant roster exceeding 12 years. Located at 372 John R. Road near the intersection of Lovington Avenue, nearly 300,000 consumers reside within a five-mile radius, including more than 126,000 households with an average household income approaching $103,000.
“Burlington employs a highly-unique shopping model that engages consumers and injects excitement as they search for great deals and the perfect items in a treasure hunt-like environment,” stated CRC’s Kristina O’Keefe, Vice President, Commercial Division. “This destination retailer represents the perfect complement to the center’s four existing anchor store tenants based on its nationally-recognized brand and reputation as a value retailer.”
Major employers in the greater Troy area include Fortune 500 company Kelly Services, Bank of America, Dupont Automotive, J.D. Power & Associates, High Tech Finance, PNC Financial Services and The Woodbridge Group. Troy is ranked as the safest city in Michigan; the best city in which to raise a family in the state, according to Niche Rankings; the fourth best small city in the United States to start a business in; and 24/7 Wall Street calls it the seventh best city to live in the United States. More than 85,000 people reside in Troy.
Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of nearly eight million square feet of commercial space and over 9,000 apartment homes across 11 states, with a portfolio value exceeding $3.7 billion. For additional information, visit www.crcrealty.com
About Burlington Stores, Inc.
Burlington Stores, Inc., headquartered in New Jersey, is a nationally recognized off-price retailer with Fiscal 2023 net sales of $9.7 billion. The Company is a Fortune 500 company and its common stock is traded on the New York Stock Exchange under the ticker symbol “BURL.” The Company operated 1007 stores as of the end of Fiscal 2023, in 46 states, Washington D.C. and Puerto Rico, principally under the name Burlington Stores. The Company’s stores offer an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers’ prices, including women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts, and coats. For more information about the Company, visit www.burlington.com.
