The Forbes Company and Partners Purchases Former KMart Headquarters in Troy

Development of 40-acre site to complement neighboring Somerset Collection

SOUTHFIELD, MICHIGAN (January 7, 2010) — Nathan Forbes,managing partner of The Forbes Company, the Southfield, Michigan-baseddeveloper, owner and manager of luxury shopping centers in Michigan andFlorida, announced that the company and its partners closed on their purchaseof the former Kmart headquarters in Troy, Michigan, on December 29.  The Chicago office of CB Richard Elliswas the broker for the transaction.

The40-acre property, located on the northwest corner of Big Beaver Road andCoolidge across from Somerset Collection, was purchased by Forbes Frankel TroyVentures for an undisclosed amount from Diamond Troy JV, LLC.  The Forbes Company manages SomersetCollection. 

Mr.Forbes said there are no specific plans for the property in place yet “We’reexcited about the purchase and have only just begun to think about the best usefor the site,” he explained, adding, “Whatever form the development takes itwill, of course, complement Somerset Collection, the Big Beaver corridor andthe City of Troy … it’s a remarkable opportunity to not only remake thisprestigious corner, but to add to our commitment to the Detroit area andfurther make the type of investments needed to strengthen the entire region interms of increased employment opportunities, tax revenue and shopping dollarskept in the market.” 

Civicand business leaders throughout southeastern Michigan greeted the newsenthusiastically.

“Clearly,Somerset Collection is one of the premier shopping venues in the country.  And the announcement that ForbesFrankel has purchased the former Kmart site next door opens all types ofexciting possibilities.  It’ssimply in the right hands,” said L. Brooks Patterson, Oakland County Executive.

Added Jim Bieri, CEO of Detroit-based retail real estate consultancy Bieri Co., in arecent Detroit Free Press article, “‘I’ve said for years that the highest and best-useowners of that property was Forbes. They can make it into an added experience for the City of Troy and theircustomers.’”

The Forbes Company (www.theforbescompany.com) is a nationally recognized owner,developer and manager of luxury, iconic shopping centers renowned throughouttheir respective markets for their retail innovation, fashion leadership,distinctive architecture and luxury appointments. In addition to SomersetCollection, these properties include three shopping centers in Florida:  The Mall at Millenia in Orlando, TheGardens Mall in Palm Beach Gardens and Waterside Shops in Naples.