March 1, 2019
A mixed-use office and retail property in Metro Detroit has hit the market with a combined asking price of $107.6 million. The assets include City Center, a 297,530-square-foot, 13-story office tower with ground-floor retail, and City Center Shoppes, a six-building, 62,120-square-foot retail portfolio that includes four freestanding ground leases and two retail pads.
City Center and City Center Shoppes may be purchased separately or together. The 90%-occupied City Center’s listing price is $55.8 million, and the 100%-occupied City Center Shoppes is available at $51.8 million. The properties are located within Troy’s central business district at Big Beaver and Crooks roads.
Marcus & Millichap’s Simon Jonna and Raymond Jonna are representing the seller, an unnamed Orlando-based developer.
“Situated in one of Michigan’s most desirable communities on the signature Big Beaver corridor, this lifestyle development emblematizes a ‘Live Work Play’ setting that the city of Troy has been missing,” said Simon Jonna.
For comments, questions or concerns, please contact Dennis Kaiser