P.A. Commercial Sells 68,0000 SF, Two-Building Office Complex in Final 30 Days of 2021
Background
Woodcreek Pavilion is a 68,000 SF two-building office complex located at 30800 – 30840 Northwestern Hwy, at the corner of 13 Mile Rd in the center of the financial and professional district for Franklin, Farmington Hills, and West Bloomfield. The key tenant was Comerica Bank who leased a bank branch with a drive-thru, while the balance of the buildings were leased to small businesses on a month-to-month-basis.
Challenge
In 2021, the Comerica Bank lease expired and the owner’s net income was reduced by nearly 50%. This prompted the owner to reach out to Dan Blugerman, Senior Associate at P.A. Commercial, as Dan has represented the owner for over 10 years with his commercial real estate needs. The goal was to structure a sale for these B/C type buildings that would maximize their value within the current metro Detroit market.
Results
Dan was able to facilitate an in-house deal with Matt Schiffman, Senior Associate, and Mike Gunn, Associate, who represented the buyer for this office complex. The team was able to facilitate the sale during the final 30 days of 2021 at $100,000 over their previous best offer. The building closed on December 31, 2021, for $4.25M.