TAMPA, FL—After more than two years on the market, DearbornTowers has finally traded hands. The City of Dearborn, MI. sold theasset to Island Way Towers LLC for $6.3million.
Kevin Kelleher, Darron Kattan,and Bob Goldfinger, all of FranklinStreet, represented both parties in the transaction. Thesales price represents $71,034 per unit and $81.37 per square footon the Clearwater multifamily asset.
The deal has an interesting background. The City of Dearborn hadowned the multifamily property since the late1960s when it bought the asset out of foreclosure for $1 million.In recent years the property had become a financial burden on thecity, which prompted the decision to sell. Dearborn is best knownas the headquarters of Ford Motor Co.
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