Columbus, Ohio — Glimcher Realty Trust has acquired Arbor Hills, an upscale, open-air center located in Ann Arbor, Mich., in the main corridor that connects downtown Ann Arbor and the University of Michigan’s main campus. The new center, which opened in August, features 85,000 sq. ft. of leasable space and is approximately 87% leased. Tenants include Anthropologie, Arhaus, lululemon athletica, Madewell and The North Face. The property is expected to average above $500 per square foot in sales.
Glimcher purchased a 93% interest in the property through a newly formed join venture. The gross purchase price was $52.55 million. It was funded primarily through a combination of property level debt and working capital.
The North Shore Property Group and Campus Realty developed Arbor Hills.