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Oxford Closes Historic Sale on Galleria Mall in Ann Arbor
Oxford Companies is excited to announce the sale of Galleria Mall, one of Ann Arbor’s longstanding shopping and entertainment venues, for $18.35 million. This sale represents an impressive milestone as one of Ann Arbor’s richest land deals. Located near the University of Michigan’s central campus, the Galleria site has been home to many Ann Arbor businesses, including Pinball Pete’s, Starbucks, and others in recent years.
The History of the Galleria Mall
Since 1996, Galleria Associates, LLC has owned Galleria. Prior to that, the site was home to the Campus Theater, and then became an indoor mall in 1988. Jeff Hauptman, Oxford CEO, has overseen management of the property since 1994 and fostered its evolution over the years.
As enrollment grows, the property’s prime location is squarely within a hot spot for new student housing development. Landmark Properties, a top student housing developer, is expected to cater to this need by replacing the Galleria mall with a 17-story apartment building, which will be Landmark’s third high-rise residential building in Ann Arbor.
What to Expect at the New Galleria Mall Space
According to mlive news, Landmark Properties plans to build out 186 apartments with over 700 bedrooms, along with 4,600 square feet of ground-floor retail space. These bedrooms will range from micro-studios to six bedroom apartments.
With this brokerage, Oxford continues to show its strength as Ann Arbor’s leading commercial real estate organization. Providing spaces that serve and strengthen the local community, Oxford is comprised of over 100 real estate experts united by its core values: constant improvement, respect & accountability, exceeding expectations, and working together.
Looking to Buy or Sell Ann Arbor Commercial Real Estate?
Oxford’s commercial real estate portfolio is the largest in Ann Arbor. The company leases and manages more than 2.6 million square feet of commercial property, manages housing for more than 1,000 residents, and has built an investment portfolio valued at over half of a billion dollars. Services provided by Oxford include property management and leasing of both residential and commercial buildings, construction, and investments. For more information, visit www.oxfordcompanies.com or contact us today!