AUBURN HILLS, MI-A Detroit-based investor with assets in the area has acquired a freestanding, 13,500-sf industrial/office facility as a long-term hold. The property, located at 1377 Atlantic Blvd., was built in 1996 and listed for $1.65 million. The building's tenant is LMT Deutschland GmbH, a metalworking automotive supplier headquartered in Germany, which has signed a seven-year lease for the property.
Jim Cockels, retail associate with Insite Commercial Group/TCN Worldwide's Southfield office tells GlobeSt.com that the property, sold by Mahle Inc., had been on the market for about a year and a half, and had received some offers during the marketing period.
Mahle Inc., a multinational company also headquartered in Germany and with a strong presence in the US, is an automobile and engine supplier. "The seller had built another property and is relocating to a new facility," adds Cockels, who with Insite colleagues Gary Gruskowski and Brent Beshears, represented all parties in the transaction.
He adds that the building won't require anything in the way of upgrades from the new owner. "The property's in pretty good condition," he says.
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