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Brixmor buys grocery-anchored center in Ann Arbor


Brixmor Property Group has purchased Arborland Center, a 404,000-sq.-ft. center in Ann Arbor, Michigan, for $102 million. The center is anchored by Kroger and Nordstrom Rack and is situated between the University of Michigan and Eastern Michigan University.

The purchase cements Brixmor’s position as a retail force in Ann Arbor, taking it over 1 million sq. ft. in the area. The company recently filled a hole left at its nearby Maple Village with Home Goods, Sierra Trading Post, and Stein Mart. A Brixmor press release said it intended to leverage its local market expertiseto drive cash flow at Arborland through near-term remerchandising and repositioning and long-term site densification.

"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 executive VP and chief investment officer Mark Horgan.

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