Ann Arbor's real estate beat: New pizza restaurant coming to East Liberty; Eyde buys ADP building
I spent years writing a column called Square Footage back when Ann Arbor Business Review was a weekly print publication. Now that I've been back on the beat at AnnArbor.com, my columns have focused on single topics.
But it seems like there's still room to tell shorter commercial real estate stories in this market, and I'm trying out the old column format here.
Meanwhile, here's some downtown Ann Arbor restaurant news from the "midtown" area:
Pizza restaurant signs deal for former furniture store
The movement of active retailers continues to move to the corner of East Liberty and South Division in downtown Ann Arbor.
The latest entry to the mix is a restaurant that leased the corner of 339 E. Liberty, formerly a furniture store (and, going way back, former the University Cellar bookstore).
I’d like to tell you more about it, but leasing broker Jim Chaconas of Collier’s International said the operator isn’t willing to disclose much yet.
Web chatter on social network sites call it a wood-fired pizza place, and that may not be too far off.
Chaconas said plans seem to be aiming for an East Coast trend: “The big thing is gourmet, high-end pizza with a nice wine bar.”
Eventually we’ll hear from the owner.
And in the meantime, there’s a 2,000-square-foot space still remaining in the building. Also leased there recently: Ragstock, an apparel retailer, which is getting close to opening. We’ll have more on that soon, too.
ADP building sold to East Lansing company
Sometimes real estate deals seem like straightforward business moves that invite the new owner telling the story behind the strategy.
Other times, what seems simple just isn’t, when it comes to reporting.
This is one of those times: The sale of the ADP building at 175 Jackson Plaza in Scio Township.
When I started the story in late July, I talked to the selling agent, Grant Bruce of Signature Associates in Southfield. But making other connections - like with the seller, payroll company ADP, and the buyer - the Eyde Co. of East Lansing - proved fruitless. Calls, emails and months later, I’m just going to share what I know (even if it doesn’t answer questions about the strategy).
ADP still occupies the building and has leased it for another five years, filling the 105,000 square foot building with about 200 employees. About 30 percent of the building is a dedicated data center.
The Eyde Co. apparently has purchased data centers in the past; with this purchase, it steps into its only active building in the Ann Arbor market.
The list price was $5.5 million. “There’s a lot of infrastructure there that makes it uniquely attractive,” Bruce said.
The buildings were assessed at $3.924 million in 2010, according to Scio Township records, down from $4.878 million in 2009.
The property totals about 4 acres, according to the township. No sale price has been recorded, also according to the township.
Paula Gardner is Business News Director of AnnArbor.com. Contact her at 734-623-2586 or by email