Lormax Stern

What Lormax Stern does

Lormax Stern Development Company, LLC is a privately held, fully integrated commercial real estate firm headquartered in Bloomfield Hills, Michigan, founded in 1992 and operating across Michigan, Kansas, and Illinois. The company owns, develops, leases, and manages a current portfolio of more than 40 retail and commercial properties — spanning power centers, lifestyle centers, outlet centers, regional malls, mixed-use developments, and build-to-rent residential — with its principals having supervised over 150 large-scale commercial properties and more than 30 million square feet of gross leasable area cumulatively. Recent activity includes joint ventures with Time Equities Inc. (Oak Park Commons, Quivira 95 Shops, Kensington Valley Outlets), the $102 million sale of the 294-unit Orland Ridge build-to-rent community in Illinois, and expansion into marine and powersports dealerships through the KAM Marine and KAM Powersports subsidiaries.

The firm operates a single in-house platform that covers acquisitions, development, leasing, property management, marketing, and construction, with transaction capabilities spanning $1 million to $500 million and the ability to close all-cash or subject-to-existing-financing. Leadership is anchored by founding principals Christopher G. Brochert (35+ years of shopping center experience, ICSC member, Detroit Regional Chamber board) and Daniel L. Stern (over 500 anchor tenant leases negotiated and $1.5 billion in financing closed across balance-sheet, construction, CMBS, and life-company lenders). Tenant mix is anchored by national retail brands including Burlington, Ross Dress for Less, Barnes & Noble, Home Depot, Kroger, DSW, PGA TOUR Superstore, Ulta, Hobby Lobby, and Boot Barn, alongside select regional and local retailers.

The business model combines transaction-based revenue (acquisition and disposition fees, development fees, construction oversight) with recurring revenue from ongoing property management and leasing commissions. The firm pursues a value-centric investment philosophy with conservative underwriting and long-term ownership orientation, recycling capital through periodic dispositions (e.g., Lakeside Circle 2025, Orland Ridge 2026) and using joint-venture structures with capital partners to scale deal flow without proportional balance-sheet exposure.

Name

Lormax Stern

Legal name

Lormax Stern Development Company, LLC

Website

https://lormaxstern.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Lormax Stern is a privately held, fully integrated commercial real estate firm that acquires, develops, leases, and manages retail, mixed-use, and build-to-rent properties across Michigan, Kansas, and Illinois, serving national anchor tenants and capital partners.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development & Investment

NAICS

Real Estate Property Managers (53131), Offices of Real Estate Agents and Brokers (5312)

SIC

Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)

Keywords

• Commercial real estate development
• Retail property acquisitions
• Property management services
• Retail leasing brokerage
• Commercial property investment

Headquarters

HQ city

Bloomfield Hills

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain, Others

Revenue model

1. Commercial Real Estate Development: Ground-up commercial development including retail centers, mixed-use developments, and build-to-rent residential communities. Revenue generated through development fees, construction oversight, and value creation from development to stabilized operations.
2. Property Acquisition and Disposition: Acquisition of commercial properties for long-term ownership and value creation. Disposition of properties through sales to institutional investors and other buyers. Transaction values range from $1 million to $500 million.
3. Property Management and Leasing: Ongoing property management services for retail and commercial tenants. Leasing activities generating commission-based revenue from tenant lease-ups. The firm manages every aspect of the investment lifecycle including leasing, property management, marketing, and construction through in-house teams.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Lormax Stern is a fully integrated commercial real estate firm that acquires, develops, leases, and manages retail shopping centers, mixed-use developments, marine/waterfront facilities, and build-to-rent residential communities across the United States. The firm runs a current portfolio of 40+ properties with more than 30 million square feet of gross leasable area developed across 60+ large-scale projects. Revenue is generated through property acquisitions and dispositions ($1M–$500M transactions), ground-up and redevelopment projects, leasing commissions with national and regional tenants, and ongoing property management services delivered by in-house teams.

Product overview

Lormax Stern is a fully integrated commercial real estate firm operating a diverse portfolio of retail properties, marine facilities, and build-to-rent residential communities across the United States. The company's property portfolio includes over 40 retail shopping centers (power centers, lifestyle centers, regional malls, outlet centers, and strip centers), waterfront/marine facilities, and development land parcels. Notable retail properties include Green Oak Village Place (hybrid power/lifestyle center), Baldwin Commons Shopping Center, Frandor Mall, Macomb Mall, Bay City Town Center, Kensington Valley Outlets, Oak Park Commons, Quivira 95 Shops, The Village at Knapp's Crossing, Independence Marketplace, Shelby Creek, The Fountains, and Northville Village Center. Marine/waterfront properties include Northport Boat Yard and KAM Marine facilities. The company also developed Orland Ridge, a 294-unit build-to-rent community in Illinois. Portfolio spans Michigan, Kansas, and Illinois markets with properties ranging from historic redevelopment opportunities to new ground-up developments.

Differentiator

Problem solved

Functional benefit

Brands

• KAM Marine: Marine and powersports division of Lormax Stern providing boat sales, service, and indoor/outdoor storage across Michigan locations including Detroit River, Northport Boat Yard, and East Jordan.

Products and services

• Investment Strategies Disciplined, value-centric approach to commercial real estate investing built on decades of market insight and proven performance. Available to institutional investors, joint venture partners, and capital providers seeking co-investment opportunities.
• Acquisitions Identifying and acquiring commercial properties, development parcels, and build-to-suit opportunities across the United States, with transaction values ranging from $1 million to $500 million. Available to property owners, developers, note holders, and joint venture partners.
• Commercial Real Estate Development Ground-up commercial development including retail centers, mixed-use developments, and build-to-rent residential communities, driven by deep market knowledge, superior site selection, and best-in-class execution. Delivered for joint venture partners and the firm's own portfolio.
• Retail and Commercial Leasing Direct leasing of retail and commercial spaces within Lormax Stern's portfolio of shopping centers, outlet malls, power centers, lifestyle centers, and mixed-use developments. Available to national retail chains and regional/local businesses seeking premium retail locations.
• Property Management Ongoing property management services for retail and commercial tenants across Lormax Stern's portfolio, including operations, marketing, tenant relations, and construction oversight delivered by in-house teams.

Quantifiable outcome

• 98% leased occupancy rate achieved at Shelby Creek shopping center
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• S.R. Jacobson Development Corp.coreStrategic or Co-development Partner · 21 March 2026Development partnership for the Orland Ridge build-to-rent community in Orland Park, Illinois. S.R. Jacobson Development Corp.'s collaboration and expertise were instrumental in bringing the 294-unit project to completion and achieving successful sale for $102 million to RPM Living.
• Time Equities Inc.coreStrategic or Co-development Partner · 2 May 2025Fourth joint venture partnership for the acquisition of Kensington Valley Outlets (formerly Tanger Outlets Howell) in Howell, Michigan - a 314,438 square foot outlet center. The partnership leverages shared expertise and track record of success in activating and repositioning retail assets.
• Mid-America Real Estate - MichiganminorChannel Partner/ Reseller/ Distributor · 3 September 2024Represented Lormax Stern as the buyer and landlord for the Jackson development parcel acquisition. Mid-America Real Estate served as the broker representing Lormax Stern's interests in the transaction where a portion was pre-leased to Chick-fil-A.
• Keystone Commercial Real EstateminorChannel Partner/ Reseller/ Distributor · 3 September 2024Represented Chick-fil-A in the Jackson development transaction, working diligently on behalf of the restaurant chain for their location at the 3.33-acre development parcel acquired by Lormax Stern.
• Time Equities Inc.coreStrategic or Co-development Partner · 19 February 2024Joint venture partnership between Lormax Stern and Time Equities Inc. for acquisition and ownership of commercial properties. This is their fourth joint venture, having previously partnered on Oak Park Commons and Quivira 95 Shops acquisitions. Time Equities, a New York City-based international full-service real estate firm, provides capital partnership while Lormax Stern contributes acquisition, development, and operational expertise.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Ram Realty Group: Mid-market retail and multifamily real estate developer/owner operating shopping centers and residential communities in the Southeast and Midwest. Directly comparable as a regional, fully integrated CRE firm with similar acquisition, development, and leasing scope.
• RPT Realty: Public retail REIT focused on open-air shopping centers primarily in the Midwest and Southeast. Comparable as a grocery-anchored and necessity-based retail owner with similar tenant profiles and geographic exposure to Michigan.
• Phillips Edison & Company: Public REIT focused on grocery-anchored neighborhood shopping centers across the U.S. Comparable for its open-air retail center ownership model, tenant credit quality, and middle-market property size profile.
• Schostak Brothers & Company: Family-owned Michigan-based commercial real estate developer and owner operating shopping centers, office, and mixed-use properties. Closest peer by geography (Michigan-anchored), private ownership structure, and integrated retail real estate focus.
• Continental Real Estate: Privately held commercial real estate investment and management firm with focus on retail, multifamily, and mixed-use properties across multiple U.S. markets. Comparable as a privately held integrated CRE firm with similar acquisition and development scope.

Broad incumbents

• Brixmor Property Group: Large public REIT owning and operating a national portfolio of open-air shopping centers. Comparable for shopping center ownership and tenant relationships, though significantly larger and nationally diversified versus Lormax Stern's regional Midwest focus.
• Kite Realty Group: Public REIT focused on open-air shopping centers in growth markets. Comparable for retail center ownership and tenant strategy, though more nationally diversified and at significantly larger scale than Lormax Stern.

Regional players

• Bedrock (Quicken Loans/Rocket): Detroit-based real estate developer and operator focused on office, retail, and mixed-use properties in downtown Detroit and Michigan. Comparable for Michigan-anchored commercial real estate activity, though primarily downtown-focused versus Lormax Stern's suburban retail.

Others

• Mid-America Real Estate: Midwest-focused commercial real estate brokerage representing landlords and tenants in retail leasing and investment sales. Currently serves as broker for Lormax Stern and is comparable as a Midwest retail real estate intermediary.
• Time Equities Inc. New York-based full-service real estate firm that is a repeat JV partner with Lormax Stern across four transactions. Comparable as a commercial real estate owner/investor with whom Lormax Stern co-invests, providing relevant market context for Lormax Stern's deal pipeline.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lormax-stern

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lormax Stern