DETROIT—Macomb Development, LLC just purchased 5750 New King Dr., a three-story, approximately 91,000-square-foot class A office building in suburban Troy. David Friedman, president and chief executive officer of Friedman Integrated Real Estate Solutions, and Robert Gagniuk, associate, represented the seller in the transaction.
The building is one of eight in the North Troy Corporate Park, which sits at the intersection of Crooks Rd. and Long Lake Rd. Since Friedman, who at one time owned all eight buildings, began managing and leasing the properties that make up the park in May 2012, its occupancy rate has doubled, company officials say.
Friedman also recently sold 5607 New King Dr., an approximately 95,000-square-foot building to Dunham's Sports, a Midwest sporting goods chain. To accommodate a growing workforce, Dunham's relocated to the park and established its headquarters there.
“North Troy Corporate Park is truly one of the gems in our commercial real estate portfolio,” says Friedman. “With significant re-branding, marketing, renovations and improvements, we have been able to offer both buyers and tenants a modern office environment at reasonable rates in a prime location with unique community assets.”
Magna International Inc., a global supplier of advanced automotive systems, also moved its headquarters to the park last fall. To house over 300 of its employees, Magna leased 190,000-square-feet of space at 750 Tower Dr., a once vacant seven-story building now fully occupied.
“What is most encouraging for Detroit is that healthy activity now extends beyond the CBD,” Dan Canvasser, senior managing director of NGKF, said recently. “The suburban market experienced significant vacancy increases as a result of the recession as well as the migration of some companies to the CBD. However, those trends are reversing, particularly in Troy, Southfield and Livonia.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
