The buyer was JFK Investments in Bloomfield Hills, MI.
The plate of 350,000-sf of office space included Lakepointe Office Center, Orchard Hill Place, Novi Business I and II and Garden I and II. Ford, FedEx and Compaq Computer Corp. are all tenants in the buildings.
The buildings were purchased by Transwestern more than three years ago and improved and added onto to make a profit in such a sale, says William Harvey, senior vice president and head of Transwestern's Detroit office.
"The offices were well-leased, and well-suited for sale," Harvey tells GlobeSt.com. "Everyone was happy with the deal."
He said his company had purchased the buildings in order to fix them up and sell them at the right time. Transwestern purchases or develops property for later investment return, he says.
"We do a lot of other investment trading, such as vacancies, unfilled leases, repositionings," he adds.
The Novi portfolio was most of the Detroit property owned by the company, he added. Now, his firm is looking to acquire other significant opportunities in the Southeast Michigan area.He said Transwestern is currently finishing a development in Southfield called Southfield Crossings. The building is 65,000sf of Class A office space. Fifty percent of the space will be leased to Sverdrup Engineering, an automotive supply company.
"We have leases in negotiation for the majority of the rest of theCrossings," Harvey says.
The company is also marketing space in an office complex called Stoneridge III in Bloomfield Hills, he adds.
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