DETROIT — Thor Equities, a national investment and development company specializing in urban markets, has acquired the 146,000-square-foot Warren Conner Shopping Center here, which has been renamed the Gallery at Warren Conner.
“The basis of our corporate philosophy is to offer urban shoppers the quality and the respect they are entitled to,” said Joseph J. Sitt, chairman and chief executive of Thor Equities, based in New York.
Located at the corner of Warren and Conner Streets, Thor Equities purchased the site on May 15 from an affiliate of the Clifton Group, a real estate investment company in Canada. Upgrades to facades, storefronts, parking, lighting and roofs are planned for the property, described by Sitt as “deteriorated.”
Thor Equities had held discussions with local economic development officials on neighborhood revitalization initiatives. “Absentee ownership had taken its toll on this property, which is situated in an up-and-coming neighborhood,” said Sitt, in a statement. “Transforming this strip center into a ‘Gallery’-branded location means that this site will undergo a significant makeover. Today, the Gallery brand sends a message to urban shoppers throughout the nation that they can expect a quality retail experience.” Sitt hopes to attract national brands to the site.
Major tenants in the property include Shoppers World, Foot Locker, The Avenue, Rainbow Apparel and Big & Tall Shops.
For 18 months, Thor Equities has acquired a retail, office and residential portfolio totaling approximately 4 million square feet and valued at more than $350 million. The company has purchased properties in New York, Chicago, New Orleans, Atlanta and Norfolk, Va. Thor Equities is in the process of acquiring properties in other locations.
This story first appeared in the May 29, 2003 issue of WWD. Subscribe Today.