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DETROIT-Five flex buildings totaling 189,845 sf are for sale for $18.6 million, and being marketed by Marcus and Millichap of Southfield. All five buildings are located in Fairlane Commerce Park North.

The package includes:

* The 112,500-sf 15080-90 Commerce Drive North, with two leases with Ford Motor Co.

* The 26,545-sf 15201 Commerce Drive North, leased to Penske Logistics.

* The 25,400-sf 15100 Mercantile Dr., leased to MSX International.

* The 25,400-sf 15200 Mercantile Dr., leased to Comcast.

The property yields about $1.9 million in rent per year.

Fairlane Commerce Park North was originally developed by Ford Motor Land Development Corp. in the mid-70s and early-’80s.

An existing first mortgage must be assumed by the purchaser. The loan, with Deutsche Banc Mortgage Capital, has annual payments of about $1.2 million and an approximate loan balance of $12.8 million, due by January 2010.

All buildings within the complex, comprised of approximately 25 other buildings, are subject to a document recorded in 1972 by that sets forth deed covenants and land use restrictions that run with the title of the land, and are binding upon all future owners.

Ford Motor Land established covenants and restrictions to protect the integrity and appearance of the park, and to enhance property values over the long term, says Marcus and Millichap.The park is located only a few miles from M-39, I-96 and I-75, which are major interstate highways connecting Metro Detroit to Chicago, Toledo, and other major metropolitan markets within the Midwest.

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