Detroit Northern Suburb Retail Asset Changes Hands

A California-based investor acquired the Southfield, Mich., property from SRC Holdings LLC. Steven Silverman of Friedman Integrated Real Estate Solutions brokered the sale on behalf of both the seller and the buyer.

20066 W 8 Mile Road in Southfield, Mich.
20066 W 8 Mile Road in Southfield, Mich.

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.  

Image via Google Street View