California Investor Acquires Michigan Office Property
- Jul 17, 2017
Mason Capitani CORFAC International negotiated the sixth acquisition of California-based investor LSTC Michigan in the Detroit metro area. Wilson Real Estate II, the previous owner of the 30,760-square-foot office building in Troy, Mich., listed the property for $4 million. Following the transaction, the building will change its name from the Wilson Office Building to Butterfield Park Place, although Wilson Real Estate will continue to oversee the leasing efforts.
The acquisition adds to the buyer’s other Michigan holdings located in Troy, Rochester Hills, Beverly Hills and West Bloomfield and highlights the increased interest in Michigan office real estate from out-of-state investors.
Off Interstate 75
The multi-tenant property, located at 2150 Butterfield Drive, was completed in 2004. Its tenants enjoy several distinctive characteristics, such as a park-like setting with a pond and fountain, covered garage parking and top finishes. Several dining and retail venues are within walking distance.
The building is very close to Somerset Collection shopping center, Somerset Inn and Somerset Park Golf Course. It offers immediate access to Interstate 75 via Big Beaver Road and is only 20 miles from downtown Detroit.
Image via Google Street View