RE Journals: P.A. Commercial Brokers Sale of Office Complex in Northville for $5.56M
November 6, 2023 – (Northville, Michigan) – P.A. Commercial is pleased to announce the sale of Northwood Corporate Park, a trophy office property outside of Northville’s CBD. The offering was 100% leased with a 6.4 year WALE (weighted average lease expiry) and recently closed for $5.65M.
Located at 41700-41860 Six Mile Rd in Northville, this property consists of four single-story office buildings totaling 48,040 SF in a tranquil, wooded area. Each building is approximately 12,010 SF with a flexible design to accommodate single or multiple tenancies. Northwood’s long-term tenants include two law firms, an insurance agency, an engineering firm, medical arts, and other business services.
P.A. Commercial’s founding member, Peter Ventura represented the seller, Fausone Bohn, LLP, a long-time client who has owned the office park since 2012. Daniel Blugerman, Senior Associate, also from P.A. Commercial brought the buyer, Manhattan Investment Properties. The Buyer is a well-established office investor who asked for assistance in placing the proceeds from his 1031 Tax Deferred Exchange, which was the equity source for the purchase.
“This project is a prime example of our firm’s mission of integrity, competence, and vision. From working with the original owner to develop this office complex in the 90’s, vetting tenants to get the property 100% leased over the years, to strategically marketing the property for sale since June 2022 to find the right buyer, our team oversaw every aspect of this complex transaction.” Says Ventura.
Read the article on RE Journals: https://rejournals.com/p-a-commercial-closes-corporate-park-sale-in-michigan/