X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BRIGHTON, MI-The Board of Regents for the University of Michigan has purchased about 30 acres of land here for almost $7 million for the construction of a new specialty and diagnostic facility on the site. The property, at Karl Greimel Drive and Challis Road, is next to the university’s existing Brighton Health Center. Local developer Mike Corrigan sold the property, which is zoned for retail.

According to Timothy Slottow, EVP and CFO of the university, the new facility will support additional clinical space for medical school training programs and clinical trials, expand its health system into a critical market with diagnostics and specialty care for the referral of complex cases, and demonstrate a long-term presence and commitment to patients in the market. Future expansion may include existing primary care services and inpatient or other hospital-based services, Slottow said in a letter to the Regents. The college is paying for the land by increasing the commercial paper issuance under the commercial paper program, secured by a pledge of general revenues, he said in the letter. A university spokeswoman reportedly said that the college does not yet have a timetable for the construction. She did not return a call for comment on the cost and size of the planned facility.

Steve Morris, executive managing director and principal with Newmark Knight Frank’s Detroit office, represented the university in the transaction. He said in a statement that the purchase is an example of the continued growth, northwest of Detroit, of healthcare providers, which ties into the westward move of residential growth in the area. Brighton, along Interstate-96, is still on the outskirts of growth for Detroit.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.