American Realty, based in Glendale, CA, owns one other property in Michigan, the Troy Tower at 901 Tower Dr. The 126,000-sf building is in the same city, about two miles north at Long Lake and Crooks Road. Sources say the company is looking to sell that property too, to divest itself of properties in the state.
Jeff Schuberg, a senior associate with CB Richard Ellis, represented American Realty in the deal. Wilshire bought the property in 1999, Schuberg tells GlobeSt.com. He says the property, occupied by tenants such as Northwestern Mutual, Titan Insurance and CareTech Solutions, is 85% occupied. Asking lease rates in the building are about $18.50 per sf, he says.
"The Troy office market, in the long term, is the most viable of all the top three office markets in Michigan, Schuberg says. "That includes Detroit and Southfield. Troy is winning more tenants."
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