DEARBORN, MI-Interstate Investment Properties, Inc. has sold the ADP office building located in the Fairlane submarket of this Detroit suburb. The purchase price was $9.3million.
The developer and seller of the property was Ford Motor Land Development Corp., which was represented by Cushman & Wakefield senior director Jeffrey Shell and associate director Anne Galbraith.
Graham Mays of Interstate Investment represented Towbes Capital, a private investment group from Southern California in the acquisition the property.
The office building consists of a two-story, 85,781-sf 100% leased and occupied by Automatic Data Processing Inc. The property was completed in August 2000 and isdirectly across the street from the world headquarters of Ford Motor Co.
Interstate Investment represents German clients and private families in the acquisition of core investments consisting of predominately single-tenant office and industrial properties, and stabilized multi-tenant office and retail projects located throughout theUS.