DETROIT-Triple Properties, a real estate firm based in Toronto, has acquired Penobscot Building, a 47-story office tower in downtown Detroit. The purchase price of the skyscraper was approximated to be in the $5-million range.
Capmark was the seller. The company acquired the title to the downtown building in a foreclosure auction against the Northern Group, the former owner. Penobscot Building was constructed in the 1920s. Bob Mihelich, a Southfield-based CBRE broker, represented the buyer. Farmington Hills-based Friedman brokered the deal for Capmark. For the full story, go to The Detroit Free Press .
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