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TROY, MI-Airlane Properties, LLC has purchased 10,267 sf of industrial space for $515,000, somewhat less than the original ask of $564,000. Located at 1300 Piedmont Dr. on the area’s mainly industrial south side, the 30-year-old free-standing property was owned by CRS Pension Fund and was sold due to lack of tenants, according to Chuck Ginster, senior vice president of the industrial group with Grubb & Ellis Co.’s Detroit office.

“The property was on the market for about nine months and did generate multiple offers,” Ginster tells GlobeSt.com. He adds the property requires some maintenance and repair including a new roof and a general paint job. Airlane Properties has taken over the property and will attempt to refresh it to attract new tenants.

Joel Karboske with First Commercial Realty & Development Co. Inc. in Southfield, MI, represented Airlane Properties.

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