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WEST BLOOMFIELD, MI-A TIC sponsor from Beverly Hills, CA has acquired a 42,625-sf retail building leased for the long term to Barnes & Noble Booksellers. ExchangePoint LLC put up $13.5 million for its first property in the local market.

ExchangePoint plans to offer the asset at 6800 Orchard Lake to TIC investors. The offering is expected to close within a few months, according to Robert Budman, director of ExchangePoint.

Budman says the Barnes & Noble store is a viable investment for two reasons. “The tenant was the primary appeal,” he tells GlobeSt.com. “They have almost 10 years remaining on their lease and that’s what we look for in properties.” The second attraction of the property, he continues, is West Bloomfield, itself. “This is a wealthy area, with households at a median income of $95,000 within a mile radius of the property,” he says.

Budman adds West Bloomfield’s master plan includes development of a downtown area. “This property is on that mile stretch on Orchard Lake slated for it,” he says. “We see future appreciation possibilities with that downtown area being redeveloped.”

With West Bloomfield’s demographics and potential, ExchangePoint is seeking out other potential properties as investments. However, Budman says there is nothing under contract or any letters of intent hanging at this time. “What we like are stable properties in class A locations with investment-grade tenants,” he says. “We’re after both retail and office.”

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