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WOODHAVEN, MI-A private buyer from Texas has purchased Woodhaven Village Square here for almost $14 million from Florida-based developer Rosen Associates Development Inc. The 94,000-sf property consists of two phases, the first built in 1999 and the second completed in 2006.

The property is about 89% occupied, says Ashish Vakhariya with Marcus & Millichap Real Estate Investment Brokerage Co., which represented the buyer. Tenants include PetSmart, Office Depot, Michaels and Applebee’s. Marc Strauss with Marcus & Millichap’s Ft. Lauderdale office represented Rosen.

The seller was looking to shift funds in a different direction, Vakhariya says. The property is surrounded by new developments and planned projects, which include a new Wal-Mart, Costco, Home Depot, Target and Lowe’s, he says.

“In the Downriver area, there are pockets that are very good, including Woodhaven,” Vakhariya tells GlobeSt.com. “There’s very strong activity due to the population shift downriver. Also, this site benefits from being on Allen Road only a half mile off of I-75.”

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