Ann Arbor company acquires Dexter Crossing Shopping Center and plans for improvements
Ann Arbor real estate company Oxford Cos. is expanding its portfolio yet again with the purchase of the roughly 70,000-square-foot Dexter Crossing Shopping Center in Dexter.
The center, located on Dexter-Ann Arbor Road across the street from Busch’s food market, is the third real estate acquisition for the company in recent months.
Ann Arbor-based Oxford Cos. recently purchased the Dexter Crossing Shopping Center.
Photo from loopnet
Oxford Cos. — which owns and manages properties totaling more than 1 million square feet — raised close to $8 million last year to invest in distressed properties throughout the Ann Arbor region. The investment fund, called the Ann Arbor Opportunity Fund, uses cash raised from 40 different investors to acquire properties and turn them around.
Oxford Cos. president Jeff Hauptman, in a release, said the purchase of the Dexter Crossing Shopping Center “fits the criteria perfectly.”
The company has hired an architect to develop facade improvements and a new building monument sign. It will also address deferred maintenance issues at the center, which is less than 50 percent occupied.
“Dexter is a fantastic community and this property is at its gateway,” Hauptman said in the release. “We have the opportunity to do something really valuable here for the town.”
Among the tenants in the shopping center: Edward Jones, H&R Block, GNC, Hallmark, Food Zone, Michigan Academy of Dance, Alpha Coney Island, T. Herrlinger Physical Therapy, Foggy Bottom Coffee House and Keller Williams Realty. The purchase does not include the Country Market Grocery Store.
The property was assessed at $2.065 million in 2012 tax year, making its estimated market value about double that. The previous owner was Blackhawk Development Corporation, registered to Joseph Bonar, according to state records.
The center has been listed for sale for several years, with a CB Richard Ellis real estate listing marketing it for $3 million. Oxford Cos. declined to disclose a purchase price.
Oxford Cos. also purchased the 12,000-square-foot Plymouthview retail center in Ann Arbor earlier this year after a bank foreclosed on the property and a fire caused about $25,000 of damage.
Hauptman said under previous ownership, funds had not been available to make necessary repairs to the center, including a complete replacement of the parking lot, and Oxford Cos. would immediately invest in those improvements.
The company also purchased 62,000 square feet of office space on South Industrial Highway, north of Eisenhower Parkway, in August 2011.
Hauptman said the company hopes to use the remainder of the Ann Arbor Opportunity Fund in the coming months and is “currently in the process of closing on two more acquisitions.”
Oxford, which has raised nearly $30 million from more than 100 investors since its founding in 1998, owns several major properties in the Ann Arbor area, including South University Galleria and the Burlington Office Center on Eisenhower Parkway.
Lizzy Alfs is a business reporter for AnnArbor.com. Reach her at 734-623-2584 or email her at lizzyalfs@annarbor.com. Follow her on Twitter at http://twitter.com/lizzyalfs.
Comments
Turk Nailik
Sun, Apr 29, 2012 : 1:43 a.m.
Food Zone, Foggy Bottom, Alpha Coney Island, Green Apple Hallmark all deserve a new landlord! These businesses offer great products and services and desperately need more foot traffic. They have survived the Great Recession and need new fellow tenets to improve their foot traffic. Maybe Dexter Pharmacy will even return!!! I sure miss being able to get a movie, some take out Chinese, and some snacks all while waiting for a prescription. Good luck to Oxford Cos, and remember that you need the current business to help you to build the future of Dexter Crossing.
Oxford Companies
Sat, Apr 28, 2012 : 4:25 p.m.
We'd like to thank everyone for the great feedback! We welcome all of your suggestions. Please feel free to write us at as@oxfordcompanies.com.
ToddAustin
Fri, Apr 27, 2012 : 12:56 p.m.
This plaza is located right between two large subdivisions. It's within easy walking distance of hundreds of homes. HOWEVER, the stores in the plaza are nearly inaccessible to people coming on foot from across the road, the area known as Huron Farms that includes more than 400 dwellings. The crossing of Dexter-Ann Arbor Road is dangerous, as drivers rarely stop at the light when turning right and the crossing light is not timed to be pedestrian-friendly. Then, once across the road, there is no direct and safe way to get into the plaza. You can either walk a long distance around to the Country Market side, where the sole sidewalk entry is located, or you can go to the opposite end and cross through traffic in the unprotected and sidewalk-free vehicle entrance to get to the (empty) stores there. It would be *terrific* to have a well-maintained sidewalk that went right from the corner of Dexter-Ann Arbor and Dan Hoey Roads right into the plaza along a safe route. As noted above, the parking area is a complete mess in this plaza and the fix for its design urgently needs to include expanded and safe routes for pedestrians who are coming from all directions.
javajolt1
Thu, Apr 26, 2012 : 2:02 p.m.
"The company has hired an architect to develop facade improvements ....." The asthetics in general and the facade in particular are awful. I think it is one of the reasons it never reached full occupancy. The fact that the new owner realizes this is probably why they will be successful in turning this property around. Facade aesthetics drive the entire appeal of these types of developments. Make it look upscale (brick, etc.) and watch tenants and customers show interest.
almightydanish
Thu, Apr 26, 2012 : 12:52 p.m.
Food Zone has some of the best Take Out Chinese Food in the area. After discovering it, I now drive there instead of picking one of the Ann Arbor establishments.
Dexter Bear
Fri, Apr 27, 2012 : 2:47 a.m.
I LOVE Food Zone!!!!!! GRRRRRRRR!
Laura Jones
Thu, Apr 26, 2012 : 4:31 p.m.
I agree, their food is really good.
justcurious
Thu, Apr 26, 2012 : 3:22 p.m.
Their sweet and sour pork was sorely lacking in any vegetables (3 pcs of green pepper?). When I asked about it they said I would have to pay extra for some green pepper. That was the last time I ate their food.
fjord
Thu, Apr 26, 2012 : 12:09 p.m.
Maybe Oxford can finally find a tenant for the large empty space at the northwest end of this complex. Of course, they'll probably have to redesign the parking lot to attract a tenant to that space. Seriously, I don't know what the developers were thinking when they drew up that lot.
zags
Thu, Apr 26, 2012 : 11:55 a.m.
Hauptman also bought the student rental company Arch Realty from the estate of the late Francis Clark this winter. He's been quite the wheeler dealer lately.
PLGreen
Thu, Apr 26, 2012 : 11:29 a.m.
This is very good news for Dexter, Oxford Cos. is a very good Owner/Developer.