SOUTHFIELD, MI-TIAA-CREF has confirmed that it has sold the 728,540-sf Troy Officentre to Osprey, a real estate investment company based in Brighton, MI. The five-building office complex is on 32 acres at Big Beaver and Livernois roads. The sales price was not disclosed.

The five buildings were constructed from 1985 to 1999, and primary tenants include Lear Corp., ABN Amro and Motivation Realty, also known as Carlson Marketing. These three tenants comprise almost 63% of the property, and have an average lease term remaining of six years.

The property is about 80% occupied, says CB Richard Ellis executive vice president Joe Anthony. Anthony and Jeff Schuberg, Bill Novelli and Mark Hellwig represented TIAA-CREF in the transaction. “The national pension fund advisor had owned these properties for decades,” Anthony tells GlobeSt.com. “They’re primarily focused on higher-growth markets, such as Chicago and New York City, it didn’t make sense to hold the Officentre any longer. They felt that other markets had better risk-adjusted returns rather than Detroit.”

However, Anthony says he still believes the Troy market will pull through Michigan’s tough economic times. “That market is attractive to decision makers in that it’s close to high-end housing, offers outstanding services and retail opportunities and has great access to I-75. It’s a dynamic livable market,” he says. “In looking at the top office markets there, Detroit, Southfield and Troy, Troy is definitely the best of the three.” He says he can’t discuss the lease rates at the Officentre. The average office lease rate for the Troy submarket is $27.23 per sf, according to a fourth-quarter Grubb & Ellis report.

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