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CHESTERFIELD TOWNSHIP, MI-Wilden Adventures, LLC, a real estate arm for a defense contractor based in Clinton Township, has acquired a 34,946 sf freestanding industrial building from Joseph Putti Trust, the property's original developer. The closing price of $2.1 million was slightly below the property's original asking of $2.24 million.
According to Jack Williams, senior vice president of Colliers International's Southfield office, the building, located at 56516 N. Bay Dr., was completed three years ago as a spec project, and was placed on the market at the time. There were, however, no offers and the building remained vacant.
Colliers International received the nod to market the property in spring 2005, received the Wilden offer within six months and "the first certificate of occupancy was issued the day before closing," says Williams who, with colleague Peter Kepic, represented the seller in the transaction. Grubb & Ellis in Detroit was on hand for the buyer.
Though the new owners will be the first occupants of the building, Williams tells GlobeSt.com that the office portion of the building was finished to suit, specific to the company's requirements. The cost of the renovations could not be obtained by press time.
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