Office V Michigan

CBRE closes disposition of office park near Detroit

CBRE closes dispositon of office park near Detroit,ph01

CBRE, Inc. recently completed the disposition of Northfield Office Park, 5600 and 5700 Crooks Road in Troy, Michigan.

The two-building, 234,687-square-foot multi-tenant office portfolio was nearly 70 percent occupied at the time of sale. The financial terms of the disposition were not disclosed.

An affiliate of New York City-based real estate investment firm Group RMC acquired the assets from Hayman Company. Group RMC continues to expand its holdings throughout the United States and currently owns over 15 million square feet representing over $1.6 billion in asset value.

CBRE’s Anne Galbraith-Kohn, senior vice president, represented the seller, Hayman Company.

Troy is suburban Detroit’s second-largest office market. The continued influx of capital from outside investors seeking strong returns validates the strength of the market.