Detroit Northern Suburb Retail Asset Changes Hands
- May 31, 2017
Friedman Integrated Real Estate Solutions, on behalf of SRC Holdings LLC, has sold a 2,586-square-foot retail investment property in Southfield, Mich. Steven Silverman, associate at Friedman, also represented the buyer, a California-based investor.
The building is located at 20066 E 8 Mile Road, in the northern suburb of Detroit. Situated along a strong retail corridor, the asset currently serves as a drive-through Wendy’s restaurant.
“This acquisition provided the west coast buyer an opportunity to purchase an investment grade asset at a higher yield than comparable assets are trading for in other areas of the country,” Steven Silverman said in prepared remarks.
Earlier this month, Friedman has added two properties to its management and leasing portfolio. Both buildings are part of the office park at West Entrance Drive in Auburn Hills, Mich.
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