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(To read more on the net lease market, click here.)

PONTIAC, MI-A local developer offers office and retail space for lease with an option to buy in four renovated historic buildings, which total upwards of 80,000 sf. Located at the head of the Woodward Avenue corridor, the properties, which offer rents for as low as $12.50 per sf, include: 18 W. Lawrence St.; 41 N. Saginaw St.; 49 N. Saginaw St.; and 47700 Woodward Ave. The Turner Group, located in Pontiac, is the owner/developer of the properties.

Tenants who lease from 2,000 sf to 50,000 sf of contiguous rental space are eligible for the program, and could acquire an ownership interest for as little as $20,000. To participate, the interested tenants sign a lease agreement, along with a separate option agreement, granting exclusive option to purchase ownership interest in the building. The property’s value is established at the beginning of the lease term, with the price locked in for a year. After that, the purchase price option increases slightly, depending on cost-of-living and inflationary factors.

The owners can also take advantage of customized colors, finishes and layouts. According to Jay Turner, owner of the Turner Group, the program was created to encourage more businesses into the area.

“Several professional service firms, advertising agencies, tech companies and creative firms already have their offices in historic downtown Pontiac and others continue to express interest in relocating here,” Turner said in a prepared statement. “This is simply an attempt to offer something that most Americans desire but is not typically offered by landlords: a piece of the rock.” Rachele Downs of Trammell Crow Co.’s Detroit office will oversee leasing activities on the properties.

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