FRIDAY, NOVEMBER 07, 2008

Marcus and Millichap arranges $2.1 million sale

by Midwest Real Estate News Reports
Ann Arbor

Marcus & Millichap Real Estate Investment Services has announced the sale of the UnitedHealth Care - i3 Drug Safety - Ingenix building in Ann Arbor, Michigan for $2.1 million. The sale price represents $84 per square foot and an 11.32 percent capitalization rate.

Bill O'Connor and Paul Kerber of Marcus & Millchap's Detroit office represented the seller, and the purchaser was represented by an outside brokerage firm.

This single tenant asset, located at 200 Morgan Road, is leased to UnitedHealth Care Services, Inc., doing business as i3 Drug Safety - Ingenix. UnitedHealth Care Services just signed a brand new two-year gross lease. The tenant is expanding to the subject property and adding approximately 70 new employees at this location.

Ann Arbor is home to a number of leading industries such as engineering, pharmaceutical, automotive and research, as well as the University of Michigan Medical Center, known as one of the nation's leading medical facilities.

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