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St. Louis firm buys Ann Arbor office building in market ‘on fire’

A St. Louis-based real estate investment firm acquired a large office property northeast of downtown Ann Arbor.

Integris Ventures bought the 198,624-square-foot Earhart Corporate Center from a public real estate investment trust in mid-May, according to a news release. The purchase price and identity of the REIT were not disclosed.

The 2006-built building is on 20 acres at 2211 Old Earhart Road, with major highway visibility near the intersection of US-23 and Plymouth Road. It has 660 parking spots.

Major tenants in the 98 percent-occupied structure are XPO Logistics Inc. and Home Point Financial Corp., said Peter Harwood, managing director of JLL Capital Markets. Harwood, JLL Managing Director James Postweiler and JLL Senior Vice President Derek Fohl arranged the property sale, the release said.

Ann Arbor’s office real estate market has been described as hot or even “on fire” in recent years.

“The Ann Arbor office market is one of the strongest markets in the entire Midwest, as it combines the draw of the University of Michigan with high barriers to entry,” Harwood said in the release. “Combined with the high-profile tenant roster at the property, we received considerable investor interest on this property.”

 

Posted By: Crain’s Detroit Business on June 7, 2019.  For more information, please click here to read the source article.

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