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Two Detroit Buildings Fetch Over $24 Mil

DETROIT-Medical Property investors has purchased properties from Henry Ford Health Systems, reflecting the city's vigorous commercial real estate resale market.

By Robert Carr | Updated on September 26, 2000

DETROIT-College Park Partners has purchased the three-story Detroit NorthwestMedical Building and College Park Shopping Center, on 17 acres at OuterDrive and Seven Mile, for $24.4 million.

The Birmingham, MI group of medical property investors bought the site from theHenry Ford Health System. Using about 80,000 sf, Henry Ford remains as thelead tenant in the 290,000-sf medical office building.Daniel Dietz, associate broker at the Dietz Organization in Birmingham,represented Henry Ford in the deal. He said it’s one of Detroit’s manyrecent sales.

“I’ve seen a lot of activity in the city lately, more in the last two tothree years than in the last 10 years,” he says.The deal took a little more than a year, Dietz said, because financiers arestill not completely sold on Detroit. Thus rates are higher for deals in thecity.

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