LIVONIA, MI-A former light industrial building converted to a small retail mall has gained another tenant: Guys & Dolls Salon, a small, nationally hair salon. The tenant signed a five-year 2,100-sf lease at the center, which is owned by Chicago-based Family Video Movie Club, LLC.

The property measures 16,000 sf, and through this transaction has 10,000 sf leased, with Family Video Movie Club occupying 8,000 sf. Located at 37405 Ann Arbor Rd., the property "was there forever," comments Larry Siedell, a retail associate with Insite Commercial Group/TCN Worldwide's Detroit office. Siedell and Insite's Tjader Gerdom represented both parties in the transaction.

Siedell tells GlobeSt.com that Family Video purchased the site in early 2004, partly for a new location, and partly as an investment. "The building ended up being almost a scrape and rebuild," he says. "They used the existing steel structure, but added brick and drywall."

The listed lease rate on the property is $16 per sf, annually, triple net, but Siedell notes that Guys & Dolls ended up with a good deal. "We ended up giving them a break during their first year at $14 per sf, then it jumps to $15.75 per sf," he says.