"The buyer was the property owner next door, and I'd been suggesting to him for awhile that he buy the property. But he didn't see the need," says Paul Hoge, principal and associate broker of Signature Associates-ONCOR International's Detroit office, who represented both the buyer and Detroit-based Chester F. Mally Trust. However, Hoge says the buyer's business grew, creating the need for more storage space. "Renovations were needed," Hoge tells GlobeSt.com.
Superior Cam performs prototype work for the auto industry. The seller, Hoge notes, was ready to dispose of his asset. "It had been vacant for awhile, and listed for sale or for lease," Hoge says. "This is a guy in his early 60s, who wanted to reduce his exposure to the industrial real estate market. So it was time to sell."
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