Ann Arbor, Mich. — Brixmor Property Group (NYSE: BRX) has acquired Arborland Center, a 404,000-square-foot, grocery-anchored shopping center located in Ann Arbor, for $102 million.
The property is located between the University of Michigan and Eastern Michigan University at 3600 Washtenaw Ave. Kroger anchors the center, which is also home to tenants including DSW, Old Navy, Marshalls, Maurices, Nordstrom Rack, Starbucks Coffee, Ulta Beauty, Bed Bath & Beyond, Petco and Five Below.
The property was previously owned by Stamford, Conn.-based AmCap Inc. and was roughly 96 percent occupied at the time of sale, according to reports by Crain’s Detroit Business. With this acquisition, Brixmor owns four assets totaling over 1 million square feet in metro Ann Arbor. The company’s stock price closed on Monday, March 6, at $22.30 per share, down from $24.04 a year ago.
— Katie Sloan