NEW YORK, March 6, 2017 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today the acquisition of Arborland Center, a 404,000 square foot grocery-anchored regional shopping destination located in Ann Arbor, Michigan, for $102 million. Arborland Center is located in a high barrier-to-entry trade area situated between the University of Michigan and Eastern Michigan University and is anchored by a range of best-in-class retailers including Kroger, DSW, Marshalls, Nordstrom Rack, Starbucks and Ulta.
With the acquisition of Arborland Center, Brixmor owns four assets totaling over 1 million square feet in the Ann Arbor MSA, including Maple Village, an open-air shopping center currently undergoing redevelopment. Brixmor recently replaced a former Kmart at Maple Village, which is also anchored by a specialty grocer, with HomeGoods, Michigan's first Sierra Trading Post and Stein Mart. The Company intends to leverage its local market expertise, deep retailer relationships and value creation capabilities to drive cash flow growth at Arborland Center through near-term remerchandising and repositioning and long-term site densification.
"The acquisition of Arborland positions Brixmor as the largest institutional open-air landlord in the Ann Arbor market and is another great example of our strategy to cluster our ownership of assets in successful retail corridors and dynamic markets across the country. We see significant opportunities to enhance the merchandising at the center, densify the site and expand Arborland's regional draw, while capitalizing on the below market rents at the center," commented Mark Horgan, Executive Vice President, Chief Investment Officer.
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ABOUT BRIXMOR PROPERTY GROUP
Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company's more than 500 retail centers comprise 86 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,500 best-in-class national, regional and local tenants and is the largest landlord to The TJX Companies and The Kroger Company.
SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company's expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
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SOURCE Brixmor Property Group Inc.