Brixmor Property Group Acquires Retail Center for $102M
- Mar 08, 2017
Ann Arbor, Mich.—Brixmor Property Group announced the acquisition of Arborland Center, a 404,000-square-foot retail property in Ann Arbor, Mich., for $102 million. The regional shopping destination is located in a high barrier-to-entry area, between the University of Michigan and Eastern Michigan University, and is anchored by several best-in-class retailers including Kroger, DSW, Marshalls, Nordstrom Rack, Starbucks and Ulta.
Brixmor plans to leverage its local market expertise, deep retailer relationships and value creation capabilities to drive cash flow growth at Arborland Center. “The acquisition of Arborland positions Brixmor as the largest institutional open-air landlord in the Ann Arbor market (…). We see significant opportunities to enhance the merchandising at the center, densify the site and expand Arborland’s regional draw, while capitalizing on the below-market rents at the center,” Mark Horgan, executive vice president & CIO at Brixmor, said in a prepared statement.
Following this deal, Brixmor owns four assets totaling over 1 million square feet in the Ann Arbor area, including Maple Village, an open-air shopping center currently undergoing redevelopment.
Image courtesy of Brixmor Property Group