Ownership of the Village Apothecary building on South University Avenue in Ann Arbor may soon be changing.

A listing for the property at 1112 S. University by Reinhart Realtors shows the building is on the market for a $1.6 million asking price. The listing also shows the building is under contract, meaning an offer has been accepted but nothing has been finalized.

The 85-year-old, 4,758-square-foot building sits on .06 acres of property bordered by the University of Michigan central campus. Interest in the site has been building as rumblings of potential redevelopment along South University sprang up in May.

A listing to lease the second floor of the building also is active for $2,500 a month, but there’s no indication it has been leased.

City records show the building was sold in 2005 for $759,000 to the Village Apothecary LLC, which is operated by Garry Turner. Earlier this year, Turner closed the pharmacy in the business unexpectedly and without explanation.

The property has an assessed value of $308,700, giving it an estimated fair market value of $617,400.

Matt Durr is a business reporter for The Ann Arbor News. Email him at mattdurr@mlive.com or follow him on Twitter.