The 1991-constructed five-story property, located at 19500 Victor Pkwy., was listed for $13.65 million. According to John A. Latessa Jr., senior vice president of the buyer, JFK Investment Co. LLC in Bloomfield Hills, the company was "right around that mark."

Victor V represents the one and only Southeastern Michigan-based property of the seller, West World Management Inc. of New York City. The building was 62% leased at the time of the sale.

The acquisition marks a departure from the typical way in which JFK Investment obtains property. "Normally, we try to get everything off-market," Latessa tells GlobeSt.com. "But this was an asset that matched up so well with our portfolio it was well worth throwing our hat into the ring."

Latessa adds that the low occupancy rate didn't scare him. "We knew we could overcome this," he says. "This fits really well with the assets we already have, and we decided it was a value-add opportunity and a good way to turn some things around."

Much of the turning around to be done by JFK Investments will include very minor cosmetic upgrades and repositioning the rental structure into one that's more market-sensitive, Latessa says. "The asset itself is in really good condition and shows very well," he adds.

He notes that, for now, two potential Victor V leases are being negotiated. When those transactions close, they will boost the vacancy by approximately 15%. "There's already a strong tenant mix there," he says. "Toyota Motor Co. and Southland Corp. are main tenants, with the balance professional service firms, engineering companies and law firms. We look to expand on that and bring in more of the same."

Joe Anthony of CB Richard Ellis Group Co.'s Southfield office represented the seller, and JFK Investment was self-represented.

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