Liberty Finds Taker for 16,000-SF Warehouse

MADISON HEIGHTS, MI-KW2 Properties, LLC, a real estate arm of office furniture manufacturer and wholesale distributor Primeway, Inc., has converted its tenant status in Troy to an ownership position through the purchase of a 16,306-sf light industrial building for nearly $1 million. The property, listed at nearly $1.1 million, is located at 555 E. Mandoline Ave., and was on the market for nine months by the seller, Liberty Property Trust’s Detroit office.

According to Paul Hoge, who represented both parties in the transaction, the property was vacant but Liberty Property Trust continued to collect rent. However, “the seller cancelled the lease upon sale, as the buyer became an owner-occupant,” says Hoge, principal and associate broker with Signature Associates-Oncor International’s Southfield office.

The property was built in the late 1970s, and Hoge tells GlobeSt.com few repairs were needed to get it up to speed for the new owner. “There were minor cosmetic repairs, but otherwise it was ready for them,” he says.

Hoge adds the transaction represents a move for Primeway from 33341 Dequindre Rd. in Troy. Primeway spent nearly six months searching for a property that would be useful for relocation.

“They’ll be using the building for manufacturing and warehousing activities,” he says. “What they’ve done is changed their tenancy to ownership.”