BLOOMFIELD HILLS, MI-Sources say the sale of a two-building, 82,000-square-foot medical office complex here was completed to resolve a troubled situation. UBS Real Estate Investment Inc. offered the Bloomfield Professional Center and the Bloomfield Office Pavilion here for about $5.8 million, though the final sale was undisclosed.

The buyer is listed as Tel Square LLC. According to a local listing, the Professional Center at 2520 S. Telegraph Rd. is 79% occupied, containing about 21,000 square feet. This building was constructed in 1980, and was offered for about $1.8 million.

The 61,000-square-foot Office Pavilion building had an asking price of $4 million. The building, also built in 1980, is about 31% occupied.

The two buildings are adjacent to one another at the southwest corner of Square Lake and Telegraph roads. At three million square feet, the Bloomfield office market of suburban Detroit is the largest that, at 13.8%, is not more than 20% vacant, according to a Grubb & Ellis suburban office report.

Mitchell Lipton and Barry Swatsenbarg with Friedman Real Estate Group represented the seller. Lipton did not return a call for comment.

NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.