As part of the deal, Michigan Credit will take over Detroit Edison's lease for 15,000 square feet at Seven Mile Crossing, 38695 W. Seven Mile Rd., in Livonia, MI.

The transaction was handled by Ray Husband, senior vice president, and Daniel Canvasser, CCIM, associate, both with Grubb & Ellis' Office Group, and Patrick Shannon, vice president, with the company's Capital Markets Group. "Changing dynamics at both companies generated new real estate requirements that were better served by the other party's situation," Husband said. The two properties involved in the land swap are about two miles apart, and both located in Wayne County.

Michigan Credit's former building was 30% occupied with about 38,000 square feet available for lease at the time of the sale. The building, constructed in 1998, offers an on-site ATM and outdoor signage. Asking lease rates for the Class B space range from $14 to $19 per square foot, and offices in the building are subdivisible to 3,000 square feet.