Glimcher Acquires Arbor Hills for $52.6 Million

Ann Arbor, Mich. — The 85,000-square-foot Arbor Hills opened in August 2013.

Ann Arbor, Mich. — Glimcher Realty Trust has purchased Arbor Hills, an open-air center in Ann Arbor totaling 85,000 square feet, for nearly $52.6 million. The North Shore Property Group and Campus Realty developed the center, which held its grand opening in August 2013. The property is approximately 87 percent leased to tenants including Anthropologie, Arhaus, lululemon, Madewell and The North Face.

Glimcher purchased a 93 percent interest in the center through a newly formed joint venture. The acquisition was funded primarily through a combination of property level debt and working capital.