Phillips Edison Scoops Retail Center Near Ann Arbor from Fellow Ohioan
- Jul 29, 2015
Phillips Edison is the new owner of the 102,275-square-foot Crossroads Town Center at 108 W. Highland Road in Howell, a suburb of Ann Arbor. The Cincinnati-based investor purchased the retail center from fellow Ohioan Viking Partners for $8 million or a little over $78 per square foot.
Situated at the intersection of Highland Road and Oak Grove Road, which benefits from over 28,000 vehicles per day, the Crossroads Town Center was purchased by Viking Partners in August 2011. The commercial asset was 77.9 percent occupied at the time of acquisition. In four years, Viking Partners’ strategic plan for the retail center improved occupancy to 87.5 percent, increasing net operating income by 94 percent.
Crossroads Town Center is currently anchored by Kroger, a very popular grocery chain in the Ann Arbor area. The list of tenants also includes Subway, Great Clips, Little Caesars, and H&R Block.
Mid-America Real Estate Corp.’s Joe Girardi and Daniel Stern served as the exclusive brokers in the transaction on behalf on Viking Partners.
The transaction marks the tenth and final sale for Viking Partners’ Fund I, which was launched in 2009. “We are pleased to announce the sale of the final asset in our Fund I portfolio as this transaction represents an important milestone for our company. By executing on our investment objective to buy the right asset, fix the asset through leasing and sell the asset at the right time, our team surpassed the return expectations for our Fund I investors,” said Bret Caller, Principal of Viking Partners.
Image via Phillips Edison