Glimcher acquires Arbor Hills in Ann Arbor, Michigan
Retail REIT Glimcher Realty Trust has acquired Arbor Hills, an upscale, open-air centre, located in Ann Arbor, Michigan.
Arbor Hills has approximately 85,000 square feet of leasable space and held its grand opening in August 2013.
The property is approximately 87 per cent leased, and features high-quality brands such as Anthropologie, Arhaus, lululemon athletica, Madewell and The North Face. The property is expected to average above USD500 per square foot in sales.
The company purchased a 93 per cent interest in the property through a newly formed joint venture. The gross purchase price was USD52.55m and was funded primarily through a combination of property level debt and working capital.
"We are excited about the acquisition of Arbor Hills, a high quality retail property located in a well established, high traffic retail corridor. Arbor Hills aligns well with our acquisition strategy to add high productivity, experience-centered assets featuring exceptional brands that appeal to our shoppers," says Michael P Glimcher, chairman of the board and CEO. "We also are pleased to announce that Tom Stegeman, president of Ann Arbor-based Campus Realty, and Max Reiswerg, president of The North Shore Property Group, will both remain involved with the property through our newly formed partnership."
Arbor Hills was developed by The North Shore Property Group and Campus Realty. The property is situated on the main corridor that connects downtown Ann Arbor and the University of Michigan's main campus.
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