(For more retail coverage, click GlobeSt.com/RETAIL.)
ANN ARBOR, MI-As part of its goal to acquire dominant core shopping centers throughout the US, AmCap Inc. in Stamford, CT, in conjunction with Simsbury, CT-based Hart Realty Advisors Inc., have acquired Arborland Center, a 409,000-sf regional retail center for $102 million.
Located at the intersection of Washtenaw Avenue and Route 23, the seven-year-old property, purchased from Chicago-based Fried and Associates Inc., was 100% leased at the time of closing. More than 25 national, regional and local tenants have space in the center, including Borders Books, Bed Bath & Beyond, Circuit City, Hiller's Market, Marshalls, Michaels, Office Max, Old Navy and Petco.
Jake Bisenius, director of acquisitions for AmCap, tells GlobeSt.com that the transaction is part of a long-term hold, with no terms to sell the property immediately in the short- or mid-term. In addition, no renovations will be made to the property as renovations were recently completed.
"The University of Michigan is constantly growing and provides a great demographic and an overall strong population," Bisenius says. "Plus everyone in the stores is doing a huge sales per sf. Some of those stores are top performing stores in the region."
Additionally, he adds, the property is attractive because of its popularity among the populace. "All you need to do some Saturday is stand in the parking lot and watch the cars streaming in and out all day," he explains. "It's a great center, and one that everyone seems to love." He adds that AmCap continues to examine other retail properties throughout Michigan, however, nothing is under contract or negotiation at this time.
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