Oxford Cos. buys 62,000 square feet of Ann Arbor office space, plans for improvements
Ann Arbor real estate company Oxford Cos. has purchased 62,000 square feet of office space on the city’s south side and says it plans to invest in building improvement projects.
The office space is located at 2725 and 2805 South Industrial Highway, north of Eisenhower Parkway.
Businesses in the buildings include the Community Television Network, the Great Lakes Commission, Michigan Education Association and MediaSpan Group.
Neal Warling of Jones Lang LaSalle represented the seller, First Industrial Realty Trust.
The acquisition is the first for the Ann Arbor Opportunity Fund, an Oxford fund of nearly $8 million to invest in distressed properties throughout the Ann Arbor region. The company raised cash from 40 different investors for the fund.
“The basis for the Ann Arbor Opportunity Fund was the increasing amount of discounted properties in the area coupled with improving economic indicators,” Jeff Hauptman, president of Oxford Cos., said in a statement.
Hauptman said the price was right to invest in improving these buildings while still pricing the office space competitively.
Projects for the building will include roof and parking lot improvements.
“Now that we’ve raised the money, and market conditions are favorable, we are actively searching for more properties to invest in,” Hauptman said.
Oxford, which has raised nearly $30 million from more than 100 investors since its founding in 1998, owns several major properties in the Ann Arbor area, including South University Galleria and the Burlington Office Center on Eisenhower Parkway.