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TROY, MI-ING Clarion Partners recently sold the 103,253-sf flex office condominium at 150 Stephenson here to Chicago-based Westminster Troy LLC, an investment firm. The sale price was not released. Two other similar properties adjacent to this building reportedly sold for $6 million and $7 million in the past two years.

The 150 Stephenson building is 100% leased by Valeo North America for a recently signed five-year term. The property, as well as the neighboring buildings at 250 Stephenson and 350 Stephenson, are part of a complex that was owned by automotive supplier Collins & Aikman before the company declared bankruptcy. Barry Swatsenbarg, VP of investment sales for Friedman Real Estate Group Inc., says that the three buildings were turned over to three different lenders after the bankruptcy, with ING taking over 150. The financial firm hired Friedman to manage and find a buyer for the building. Swatsenbarg was joined by associates Scott Barrie and Richard Deptula in the sale transaction. Chimes Inc. now owns 250 Stephenson, and Germany-based Kostal owns the 350 building.

The 150 property is a three-story building at the corner of 14 Mile Road and Stephenson. The first floor is predominantly laboratory space, with the second and third floors used as office, Swatsenbarg tells GlobeSt.com.

He says though Troy, once the strongest office market in Southeast Michigan, has faltered, it’s still one of the most desirable areas for tenants. “The vacancy rate in Troy has dropped to 20% to 25%, that’s way off the historic rate of about 6%,” he says. “That’s attributed to major tenants leaving the market, such as EDS and Kmart. It’s going to take a little bit for positive absorption to take place, but the city continues to be a core area. Out-of-state buyers continue to look at Troy and the other strong market, Southfield, as places for investment.”

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