TROY, MI-Autofocus, a Chicago-based company that publishes an automobile marketing magazine, has signed a five-year lease for its Detroit-area operations, totaling 7,200 sf. The transaction represents a relocation and expansion for the publisher.
The new space, located at 1394 Rankin Dr., is offered at a quoted lease rate of $6.50 per sf, annually, triple net. "We did very well for the tenant in this deal," notes Larry Schultz, a sales associate with Friedman Real Estate Group in Farmington Hills, who brokered the transaction on behalf of Autofocus.
Schultz tells GlobeSt.com that some minor TIs were included in the deal including addition of carpet and ceiling tiles, and a new paint job. "The tenants did some of the improvements themselves, too," he adds.
The space is part of a 33,640-sf light industrial building, which is not far from Autofocus' former office at 1250 Rankin Dr. The property, constructed during the 1990s, was approximately 80% occupied at the time of closing. The landlord/owner, the Detroit-based offices of Liberty Property Trust, was self-represented in the deal.
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