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.
"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."
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