The sale was closed for about $119 per sf for the buildings, which total about 336,000 sf.

The investment team at CB secured the offers for the Class B office complex, which had been encumbered by a 58-year ground lease. Prentiss Properties Trust purchased the asset in 1997 and subsequently developed an additional 91,000-sf building. The property is located in a prime position along I-275.

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

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Detroit
Office