| 1 min read | by Doug Marrin |
Dexter Crossings shopping plaza has made a quiet resurgence in the past few years going from mostly empty to mostly full and it could turn into a boon for the right investor. Dexter’s invigorated strip mall is going up for auction June 24.
The plaza was built in 1998 to much fanfare and excitement but never came close to reaching its full potential peaking at just over 50% occupancy until Ann Arbor based Oxford Companies bought it in 2012 to help settle the former owner’s tax liabilities on the struggling plaza. The exact purchase price was not disclosed at the time, but the current bidding begins at $1.9 million for the online auction being held June 24-26, 2019.
Sitting on 9 acres, the almost 69,000 square-feet of space was mostly empty by the time Oxford took over having lost large anchor stores of Dexter Pharmacy and Family Video as well as smaller shops. Oxford gave the plaza a much needed facelift, repairs and street sign, but the plaza remained a challenge to fill for even a powerhouse like Oxford.
Oxford, known for working with their renters, patiently worked out deals with tenants until Dexter’s hitherto blighted shopping plaza that was mostly empty is now 89% full and buzzing with activity. The Dexter Area Chamber of Commerce recently held their summer kick-off event in the spacious parking lot much to the delight of the crowds that attended in spite of the weather.
The plaza’s grassy knoll on the corner of Ann Arbor St. and Dan Hoey Rd. could be a lottery win for the winning bidder. Oxford has marketed the parcel as available for a land lease for retailers whose profiles thrive in cities such as Dexter.
The former and now empty Country Market space is not included in the auction. This space is owned by the Kennedy family who owns and operates the Polly/Country markets around the area. However, there are ongoing talks between the Kennedys and a party interested in possibly developing the space and it’s out lot.