Net Lease V Michigan

Encore sells two-building retail outparcel in Detroit

Encore sells two-building retail outparcel in Detroit,ph01

Encore Real Estate Investment Services sold Redford Marketplace, a two-building Meijer outparcel development in Detroit. The eight-suite retail center is leased to a mix of national and local tenants on staggered triple-net leases.

Evan Lyons, Brandon Hanna and Deno Bistolarides represented Lormax Stern, a Southwest Michigan development firm. The buyer was an East Coast-based 1031 investor.

Upon receiving the assignment to sell the property, Encore generated multiple offers and went into contract within 35 days of marketing the property. The asset closed within 97 percent of list price.