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WATERFORD, MI-Locally based Highland Business Center LLC has purchased a two-building, multi-tenant, 38,167-sf property in an off-market transaction for $1.61 million.Homisl Inc. a Detroit-area real estate holding company, sold the light-industrial property, located at 4865-4895 Highland Rd. The property, developed during the early 1980s, was 85% leased with two tenants at the time of closing.

"There is one 2,555-sf vacancy on the property remaining," says Todd Sonquist, a sales associate with L.Mason Capitani Inc. in Detroit, who represented the seller in the transaction. Sonquist adds that there was no tenant in hand, and he is unsure about potential improvements the buyer might make to the property.

"This is an investment sale," Sonquist tells GlobeSt.com, adding he isn't certain if Highland is preparing to purchase more property, or if Highland will take the remaining space for its own use. The transaction, at which the buyer was self-represented, marks Highland's first purchase of real estate in the area. The asset was Homisl's only one in the area as well.