The Birmingham, MI group of medical property investors boughtthe site from theHenry Ford Health System. Using about 80,000 sf,Henry Ford remains as thelead tenant in the 290,000-sf medicaloffice building.Daniel Dietz, associate broker at the DietzOrganization in Birmingham,represented Henry Ford in the deal. Hesaid it's one of Detroit's manyrecent sales.

"I've seen a lot of activity in the city lately, more in thelast two tothree years than in the last 10 years," he says.The dealtook a little more than a year, Dietz said, because financiersarestill not completely sold on Detroit. Thus rates are higher fordeals in thecity.

"If you had to buy a site in Detroit or the suburbs, the bankswouldperceive the city site as the riskier purchase," he says.Thepurchaser leased about 47,000-sf to Wayne State University CollegeofNursing at the close of the sale, bringing the occupancy of themedicalbuilding to 100%, Dietz notes.