Centennial Announces Acquisition of Fairlane Town Center

7 May, 2022
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Centennial Announces Acquisition of Fairlane Town Center

DALLAS – May 4, 2022 – Centennial, a real estate investment firm with a national portfolio of retail and mixed-use destinations as well as a full-service advisory services platform (www.CentennialREC.com), announced today it has acquired Fairlane Town Center, a three-level super-regional shopping center in Dearborn, Michigan (www.ShopFairlane.com) in partnership with Waterfall Asset Management (www.waterfallam.com) and Cawley Partners (www.cawleypartners.com). Originally opened in 1976, Fairlane Town Center has been an important part of the Dearborn community for 46 years and is a popular shopping and dining destination for local residents. Located adjacent to The Henry Hotel and The Fairlane Club, and in close proximity to the Detroit Metropolitan Airport, the University of Michigan-Dearborn, Henry Ford Community College, and the Ford Motor Company headquarters, the shopping center is built on some of the most prime real estate in the Dearborn area, making it an attractive purchase for Centennial and its partners which officially took ownership of the property today.


“When we purchase a shopping center, we don’t buy simply to operate it as is,” says Whitney Livingston, President and COO, Centennial. “We buy to own valuable real estate that we can redevelop into dominant mixed-use destinations, and that is the plan we envision for Fairlane Town Center as well.”


“Fairlane Town Center is an excellent investment for Centennial and its partners, and while we will continue to operate it as the popular local shopping center it has long been, our plan is to make it a mixed-use redevelopment in the future,” says Carl Tash, Chief Investment Officer, Centennial. “Properties like Fairlane Town Center and The Shops at Willow Bend in Texas, which Centennial and its partners also took ownership of today, are examples of malls in major real estate markets that give us the opportunity to strategically expand our portfolio while utilizing our proven execution playbook to enhance the center’s merchandising and experience immediately upon acquisition.”


“We are excited to partner with Centennial on this strategic investment,” says Patti Unti, Head of CRE Equity for Waterfall Asset Management. “The Centennial team brings a deep bench of operating professionals as well as the expertise to execute on a plan that will re-imagine Fairlane Town Center.”


Centennial has a unique vision for the future of retail real estate that has led to the successful repositioning of retail properties in key markets from coast to coast. The robust services platform Centennial has built – which includes carefully curated in-house property management, development, marketing and leasing teams – perfectly positions the firm to expand its own portfolio with properties like Fairlane Town Center, The Shops at Willow Bend, Westland Mall and future acquisitions on the horizon.


About Fairlane Town Center
Fairlane Town Center is a 1.4-million-square-foot super-regional shopping center in Dearborn, Michigan. The center features a wide selection of retailers, including Macy’s, JCPenney, Hollister, Bath & Body Works | White Barn, Express Factory Store, Foot Locker, Forever 21, H&M, Zales Jewelers, Victoria’s Secret, and a 21-screen AMC Theatre. The center’s many dining options include customer favorites like P.F. Chang’s China Bistro, Cinnabon, Dairy Queen and Taco Bell. For more information, visit www.ShopFairlane.com or follow the center on Facebook and Instagram.


About Centennial

Centennial is a real estate investment firm with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform delivered through Centennial Advisory Services, its third-party property and asset management division. Rooted in retail since 1997, Centennial is focused on shaping the evolution of American retail by creating a superior multi-faceted shopping experience through properties that serve not only as a place of commerce, but as a place of community. For more information, visit CentennialREC.com.


About Waterfall Asset Management

Based in New York and with investment activities spanning the U.S. and Europe, Waterfall is an SEC-registered investment adviser that was founded in 2005 by Tom Capasse and Jack Ross, who were early leaders of the ABS industry. Waterfall is a leading private investment firm dedicated to investing in asset-based credit and private equity across the entirety of the specialty finance and securitized credit sectors. Waterfall is the external manager to Ready Capital, a multi-strategy real estate finance company and small business lender that has provided over $3 billion in capital nationwide (NYSE: RC). For more information, visit www.waterfallam.com.


About Cawley Partners

Cawley Partners is a full-service Dallas based commercial real estate company focused on building partnerships through developing, investing, managing, and leasing buildings. Since 1996, the Company has experience with more than 15 million square feet of development and acquisition projects. The developments include office, retail, and industrial. Projects have ranged from speculative to build-to-suit. For more information, please visit cawleypartners.com.

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