March 7, 2017
Brixmor Property Group Inc. in New York City acquired the 404,000-square-foot, Kroger-anchored Arborland, a regional shopping center in Ann Arbor, MI. Brixmor reportedly paid the undisclosed seller $102 million for the center at 3600 Washtenaw Ave.
The new owner is planning to reposition the shopping center. Current tenants include Nordstrom Rack, Bed, Bath & Beyond, Ulta Beauty, Marshall’s and Starbucks. Brixmor currently owns four assets, totaling more than one million square feet, in the Ann Arbor MSA.
“The acquisition of Arborland positions Brixmor as the largest institutional open-air landlord in the Ann Arbor market, and is another great example of our strategy to cluster our ownership of assets in successful retail corridors and dynamic markets across the country,” said Mark Horgan with Brixmor.
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