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

DETROIT-A local entity has purchased a 152,000-sf warehouse from a multinational packaging corporation for $660,000, down from the original $1.15 million ask. Grand Lofts, LLC of Detroit purchased the property, located at 727 W. Grand Blvd., from Norwegian packaging company Elopak, which has its American regional offices based in New Hudson. The company plans to convert the warehouse into residential lofts.

“They’re doing this on a regular basis, taking over older buildings and converting them,” says Alan Holt, with Grubb & Ellis Co.’s Detroit-based industrial group. “They have a number of projects throughout the city.”

Holt, who represented both parties in the transaction, tells GlobeSt.com that the property, which was on the market for about a year, was originally offered at $1.15 million, and attracted two offers. Grand Lofts, he adds, came in with a faster offer, which is why it got the nod for the property. Holt adds that he’s not sure exactly how much Grand Lofts will invest in conversion, but notes that the going rate for such activity can run up to approximately $75 per sf.

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