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FRAMINGTON HILLS, MI-A new Detroit-area commercial investment group has made its first formal facility purchase, buying a property in Minneapolis. Adam Lutz, chief investment officer of Becker/Lutz Investment of Farmington Hills, announced that the firm has acquired the 552,920-sf Shoreview Corporate Center in a Minneapolis-St. Paul suburb, for $49 million. The seller of the portfolio was Shoreview Associates LLC.

The seller was represented by Tom Holtz of CB Richard Ellis’ Minneapolis office. The transaction closed in less than 45 days.

This acquisition marks the formal launch for newly formed partnership, led by a group of well-known Detroit-based business leaders.The principals are Charles Becker, chairman; Michael McInerney, vicechairman; Eric Yale Lutz, president, and Adam Lutz.

“We pursue property investments on an opportunistic basis and have theflexibility to invest in a wide range of developments,” said Adam Lutz.”This was an opportunity for us to acquire buildings that are attractivelong-term investment properties with strong cash flow. All the Shoreviewbuildings are fully net-leased with mid- to long-term leases to companiesthat are either investment-grade corporations or very high-quality companieswith long histories in Minneapolis.”

Shoreview Corporate Center is a five-building office campuslocated at the intersection of I-694 and Lexington Avenue inShoreview, MN. The five buildings are occupied and net-leased to strong-credit corporate tenants including Medtronic Inc., Land O1 Lakes Inc., Deluxe Financial Services and Advanced Respiratory.

Previously, Charles Becker was the founder and Michael McInerney wasEVP of Becker Group Inc., a tier-one supplier in the automotive industry. A privately held, global company,Becker Group had more than 55 facilities in approximately 15 countries andmore than 10,000 employees when the company was sold to Johnson Controls in 1998. Today, Becker actively invests in industrial companies, which consists of more than 50 operating companies, including The Heartland Fund and Collins & Aikman.

Eric Yale Lutz has experience in all aspects of commercial real estate management, leasing, development and investment in property types including apartments, retail centers and industrial facilities.

Adam Lutz background includes his current position as a partner in iCap Michigan, a mortgage banking company, and executive positions with Deutsche Bank’s commercial real estate organization.

Although the company itself is new, in a series of separate ventures overthe past two years, the principals have collectively developed and/oracquired a $400 million national portfolio of investment propertiesconsisting of more than seven million square feet of real estate.

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