The buyer will spend more than $1 million in capitalimprovements to the complex, says Andrew Hayman, executive VP withthe company. The property had been built almost 20 years agostrictly for General Motors Corp., but the automaker vacated partof the park. A lender had taken the park from ARCAP, but thecompany bought it back in 2006. "We plan on getting the propertystabilized to 90% occupied," Hayman tells GlobeSt.com.

He says he bought the park at 50% of replacement cost, in the$30 million range. "It's got a good tenant mix, a lot of R&D,including hybrid engine development and electric car companies," hesays. DaimlerChrysler, BMW and GM are part of a joint venture inthe park developing hybrid engines. Other tenants include RaytheonProfessional Services, Hutchinson Automotive Extrusion and CompactPower, a division of LG.

The average lease rate for the property is $15 gross, Haymansays. "It's hard to pinpoint the lease rate. We've got tenants thatare 100% office, and some that are at least 70% R&D," hesays.