Lee & Associates Michigan Negotiates 137,682 SF Industrial Sale in Farmington Hills
FARMINGTON HILLS, Mich.—June 6, 2016—The Southfield office of Lee & Associates, the largest broker-owned commercial real estate firm in North America, negotiated a $7.5 million sale of a 137,682-square-foot industrial building located in the Hills Tech Research Park in Farmington Hills, Michigan.
Scott Lyons, a Senior Vice President of Lee & Associates Michigan, represented the seller, Hills Tech, LLC.
“The seller was the original owner/developer,” said Lyons, noting that Lee & Associates has represented this property in a leasing capacity for almost 10 years and will continue to be the leasing agent. “The property has always outperformed the market. Ownership is diversifying its portfolio and this property no longer fit into their portfolio.”
The buyer, Hillside Realty Investments, owns similar product in the area and the property was a natural fit, according to Lyons.
The building, which is located at 37408-37808 Hills Tech Drive, Farmington Hills, MI, was built in 1988 and is 92% occupied.
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Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Maryland, Minnesota, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.