Foster Financial Buys Suburban Detroit Office Asset
- Feb 24, 2019
Foster Financial has paid $5 million for Lahser Center, a two-building office campus in Detroit’s Southfield submarket. The seller, Interwest Capital Corp., owned the 173,500 square-foot asset since 2007, the year it purchased it from REDICO, according to Yardi Matrix data. Newmark Knight Frank’s Advisor Michael Valant and Executive Manager Director Daniel Canvasser represented the buyer in the deal.
Lahser Center is located at 26400 Lahser Road, off the interchange between Interstate 696 and John C. Lodge Freeway and near Lawrence Technological Institute. It was completed between 1969 and 1973 and underwent cosmetic renovations in 2007. The property encompasses retail space on the first floor and a parking lot accommodating up to 781 vehicles. At the time of the sale, the office campus had four spaces available accounting for nearly 70,000 square feet.
The nearby area is predominantly residential, except for a few office buildings occupied by the Michigan Orthopaedic Institute and Eaton Corp. According to a recent office report by Yardi Matrix, Southfield, Detroit’s largest office submarket, has been seeing increased interest from investors due to its assets’ high acquisition yields.
Image courtesy of Yardi Matrix