Northmarq brokers sale of single-tenant retail property near Ann Arbor, Michigan

CHICAGO, ILLINOIS (January 9, 2023) — Isaiah Harf, managing director of Northmarq’s Chicago office, has completed the sale of a single-tenant property formerly leased to At Home located at 3100 Washtenaw Avenue in Ypsilanti, Michigan. The superstore totals 91,743 sq. ft. situated on 11.02 acres. Harf represented the seller, a New York-based institutional investor. The property was acquired by AMERCO Real Estate Company for $2.6 million. 

“This asset had the odds stacked up against it, but we were able to deliver for the client via an auction process and get this property sold with non-refundable money day one,” said Harf. “While the future occupancy of the tenant is unknown, and the retail trade area has seemingly moved away from this side of the highway, we were pleasantly surprised with six live bidders all chasing the deal down to the wire. It was an eventful process.”

The property is located 5.3 miles southeast of downtown Ann Arbor and serves the greater Detroit metro. Situated in a dense commercial corridor, neighboring tenants include Fresh Thyme Market, Dollar General, Planet Fitness, Domino’s, Walgreens, and many more. In addition, the property is within two miles of many major economic drivers, such as Washtenaw Community College, Rynearson Stadium, EMU Convention Center, and Eastern Michigan University.