According to Paul Hoge, who represented both parties in the transaction, the property was vacant but Liberty Property Trust continued to collect rent. However, "the seller cancelled the lease upon sale, as the buyer became an owner-occupant," says Hoge, principal and associate broker with Signature Associates-Oncor International's Southfield office.
The property was built in the late 1970s, and Hoge tells GlobeSt.com few repairs were needed to get it up to speed for the new owner. "There were minor cosmetic repairs, but otherwise it was ready for them," he says.
Hoge adds the transaction represents a move for Primeway from 33341 Dequindre Rd. in Troy. Primeway spent nearly six months searching for a property that would be useful for relocation.
"They'll be using the building for manufacturing and warehousing activities," he says. "What they've done is changed their tenancy to ownership."
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