A 12-property industrial portfolio in Michigan has changed hands in a deal valued at $18.1 million.
Marcus & Millichap Real Estate Investment Services arranged the sale of the portfolio, which totals 380,000 square feet and includes buildings in Madison Heights and Troy.
John Godwin, a senior associate in the Detroit office of Marcus & Millichap, and Daniel Danielak, an investment specialist also in the firm’s Detroit office, represented the seller, First Industrial Realty Trust. Marcus & Millichap also represented the buyer, a private TIC and investment group based in California.
The portfolio includes eight single-tenant assets leased mainly by European automotive engineering firms, and four single-tenant assets leased to such high-profile companies as Verizon and Müller Weingarten. Many of the tenants have two- to four-year leases in place.
The portfolio includes:
–A single-tenant industrial building at 800 East Whitcomb Ave., Madison Heights at 15,700 square feet.
–A single-tenant industrial building at 900 Tech Row, Madison Heights at 18,280 square feet.
–A single-tenant industrial building at 599 East Mandoline Ave., Madison Heights at 13,700 square feet.
–A single-tenant industrial building at 38100 Research Park Drive, Madison Heights at 32,000 square feet.
–A single-tenant industrial building at 2475-2479 Elliott Drive, Troy at 10,481 square feet.
–A single-tenant industrial building at 32661 Edward Ave, Madison Heights at 32,025 square feet.
–A single-tenant industrial building at 1000 Tech Row, Madison Heights at 33,260 square feet.
–A single-tenant industrial building at 1000 East Whitcomb Road, Madison Heights at 20,000 square feet.
–A single-tenant industrial building at 31701 Research Park Drive, Madison Heights at 14,582 square feet.
–A single-tenant industrial building at 31751 Research Park Drive, Madison Heights at 17,569 square feet.
–An industrial warehouse at 26986-27150 Trolley Industrial Drive, Taylor at 166,594 square feet.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage company.
