According to Eric Banks, vice president of Friedman Real Estate Group in Farmington Hills, the buyer is actively pursuing other similar acquisitions. Larson Realty has just closed on a building in Bloomfield that, after extensive renovation, will be used for its new corporate headquarters.
"They're an active buyer in our marketplace," says Banks, who represented the buyer in the transaction. Chuck Howard from Thomas A. Duke Co.'s Detroit office handled the transaction on behalf of the seller, Forest Office Center, LLC.
The building, constructed in 1970 and renovated in 1999, is at 750-770 Forest St. According to Banks, the buyer plans to invest triple-digit numbers into "further significant renovations both to the interior and exterior," he says.
Banks tells GlobeSt.com that the occupancy at the time of sale was at 50%, with the tenant mix including an architect and insurance providers. "There's enough space remaining that could be leased to a large single user, or maybe even a couple of tenants," he adds.
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