The property is adjacent to the company's North American Headquarters, and is also surrounded by high-tech office and laboratory uses.
The building was used as a training center starting in April, after the UAW-GM group vacated the building and DaimlerChrysler bought it. The price was not disclosed.
The property is the last large parcel left in the valuable Auburn Hills area, says Bruce Goodwin of Friedman Real Estate Group Inc., based in Farmington Hills, MI.
Zoning on the property is special purpose district, which could include just about anything. About 16 of the acres are wetlands. The zoning makes the property extremely popular, Goodwin says.
"There just aren't a lot of large tracts of land left there. Buildable land is hard to come by in Auburn Hills," he tells GlobeSt.com, predicting the site could at least sell for $23.45 million.
The building could sell for $100 per sf, Goodwin says, and the land might bring in $250,000 an acre.
Equis Midwest, based in Southfield, MI, is marketing the property. Barb Eaton, an Equis spokeswoman, says DaimlerChrysler has directed her company not to speak about the deal.
Development has exploded in Auburn Hills during the last five to 10 years. In 2000, there were 371,000 sf of new construction and a net absorption of 164,326 sf. Another 268,000 sf of new construction is expected this year, according to CB Richard Ellis of Southfield.
New office complexes in the city include the 175,000-sf Cambridge Court II and Wellington Green, which has 125,000 sf.
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