Todd Hawley, SVP with Friedman Real Estate Group, says the dealwas done for more than $100 per sf. "The buyer entails a law firmtenant from Bloomfield Hills and a CPA firm that was elsewhere inFarmington Hills," he tells GlobeSt.com. "They have a relationship,and they wanted somewhere they could move in together while alsohaving a multi-tenant building." The lease rate for the building,now mostly filled, is around $19 to $20 per sf, Hawley says.
He says that though there's very little demand now for officespace in Detroit's Oakland County submarket, there's a lot ofconsolidation, and similar users looking to either sell andleaseback, or users looking to buy into their new property. "Buyersare taking advantage of these situations, but the prices aren'tfire sale, they're a nice fit for everyone involved," he says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
