CBRE, Inc. recently completed the disposition of McKinley Towne Centre, a 130,824-square-foot mixed-use development at 401 E. Liberty, and The Offices at Liberty Square, a 59,381-square-foot office development at 500 E. Washington St., in Ann Arbor, Michigan.
The two-property, mixed-used development totaled 190,205 square feet and was nearly 99 percent occupied at the time of sale. The enviable tenant base included LLamasoft, TD Ameritrade, the University of Michigan, Bar Louie, AT&T and FedEx. The financial terms of the disposition were not disclosed.
Ann Arbor has one of the strongest office fundamentals in Southeastern Michigan and one of the most resilient in the Midwest. With an established employer base that spans from innovative start-ups to established Fortune 500 corporations, Ann Arbor is grounded by its largest employer, the University of Michigan. The presence of this institution further insulates the area’s office market and solidifies its economic strength. Situated within the heart of Ann Arbor’s CBD, the properties have a strong historical occupancy and have been maintained to institutional standards.
Ann Arbor-based commercial real estate firm McKinley sold the assets to Hillside Investments. Anne Galbraith Kohn with CBRE’s Detroit office represented the seller. This is Hillside Investments largest southeast Michigan acquisition and its first in Ann Arbor.
