Plymouth-based real estate company Hillside Investments LLC has paid $50 million for a pair of key downtown Ann Arbor buildings.
The company bought McKinley Towne Centre and Liberty Square from Ann Arbor-based McKinley Inc., according to a news release.
The buildings total about 190,000 square feet between their office and retail components, said Jaimey Roth, Hillside's principal of operations, and Jason Biber, principal of acquisitions and leasing.
Key McKinley Towne Centre office tenants are Llamasoft Inc., TD Ameritrade and Bodman PLC, with retail tenants including AT&T and Bar Louie, they said. Major tenants at Liberty Square are the University of Michigan and FedEx Corp.
McKinley Towne Centre is 130,824 square feet and 97 percent occupied, while Liberty Square is 59,081 square feet and fully occupied, according to a representative from McKinley.
Hillside has approximately 1.5 million square feet in its portfolio, including office, retail, multifamily, industrial and medical properties.
"We hope to acquire another couple hundred thousand square feet by the end of the year," Roth said.
Anne Galbraith Kohn, senior vice president in the Southfield office of Los Angeles-based CBRE Inc.'s investment and institutional properties division, was McKinley's broker on the deal that closed Friday.
McKinley, founded by Ron Weiser and currently headed up by CEO, co-owner and managing member Albert Berriz, said in the release that the sale was part of an ongoing disposal of much of its office and retail properties so it can concentrate almost exclusively on multifamily housing.
McKinley bought McKinley Towne Centre, which was essentially vacant at the time, in 2005; and Liberty Square in 2007, when it was also basically empty.
The Liberty Square property was redeveloped and vacant land across the street was turned into the Sterling 411 Lofts development for students, according to the release.
Berriz said in a statement that the company projects its multifamily portfolio in Florida, Michigan, Illinois, Indiana and Georgia to be close to 20,000 owned units by 2020 and management portfolio to be 5,000 units.
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