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HIGHLAND PARK, MI-A 514,000-sf distribution facility has sold for a pretty low price here in this city that is surrounded by Detroit. Highland Park Real Estate LLC purchased the property, at 1200 E. McNichols, from SVN Equities for $1.7 million.

Robert Pliska with the Birmingham, MI-office of Sperry Van Ness, represented the Irvine, CA-based seller. He says the company wanted to make a better return with property elsewhere. “It’s a pretty inner-city property, the local market isn’t the best,” he tells GlobeSt.com. The building sits on about 18 acres at Interstate 75 and McNichols.

The 60-year-old building, which has 20-foot clear ceilings and up to 48 truck wells, was 30% occupied at the time of purchase by tenants such as CareerWorks, H. J. Oldenkamp and Westcott Displays. The buyer wants to occupy the remainder of the building for metal warehouse distribution, Pliska says. “It was tough to sell. It’s near a rail spur, which really helped, because the buyer needed rail,” he says.

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