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State Farm Disposes of Final Detroit-Based Asset

STERLING HEIGHTS, MI-State Farm disposes of its last office building in the Detroit area with the $1.85-million sale of its property at 43900 Schoenherr Rd. The remaining property in Michigan is approximately 100 miles west of Detroit in the City of Marshall and serves as the company's regional headquarters.

By Amy Wolff Sorter | Updated on September 19, 2005

STERLING HEIGHTS, MI-Bloomington, IL-based State Farm Mutual Automobile Insurance Co., sold its final Detroit-area real estate asset to Birmingham-based Binson’s Hospital Supplies Inc. The 14,951-sf office building sold for $1.85 million, $2 million less than the original asking price.

The early 1990s-constructed building, located at 43900 Schoenherr Rd., was on the market for approximately six months before the sale. During that time, according to Dennis Dilworth, the sellers received a number of offers, and came close to closing on a couple of occasions.

“This will end up being a retail outlet for Binson’s,” says Dilworth, a sales associate for Colliers International’s Southfield office who represented State Farm in the transaction. “The buildings in that area are zoned in such a way that they can be re-zoned for retail.” Binson’s was represented by Keith Strnad with GMAC Real Estate/the Kee Group, based in Detroit.

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