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 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.