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JV Acquires 409,000-SF Arborland for $102M

ANN ARBOR, MI-AmCap and Hart Realty join forces to acquire the regional retail center Arborland, a 100% leased regional retail center at the intersection of Washtenaw Avenue and Route 23.

By Amy Wolff Sorter | Updated on October 07, 2005

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 Los Angeles-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 7-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.

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