TROY, MI-Diamond Troy JV LLC has sold the former Kmart headquarters facility here to Forbes/Frankel Troy Ventures. The purchase price was not released, but according to reports the 906,000-square-foot property traded hands for $17.5 million.

David Long, senior associate with CB Richard Ellis, tells the buyer owns the mall across the street, which made the acquisition a smart move. “By most mall performance standards, The Somerset Collection is one of the top performing malls in the U.S. The buyers will at some point create a comparable project on this quadrant of the intersection,” he says.

Long, with colleague Robert Mahoney, represented the seller.

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