Friedman to Auction Multiple Properties on September 17th

Posted on September 11, 2014

Farmington Hills, Michigan (September 11, 2014) – Friedman Integrated Real Estate Solutions, one of the nation’s leading providers of commercial real estate services, will be auctioning three properties on September 17th: a ±107,650 square foot multi-tenant community retail center in Detroit, Michigan; a ±187,579 square foot Class A office building in Troy, Michigan; and a ±39,835 square foot multi-tenant retail center in Clarksville, Indiana. Barry Swatsenbarg, National Director, Investment & Loan Sale Advisory Services, and Rich Deptula, Senior Vice President, Investment and Loan Sale Advisory Services, will represent the seller at auction. Todd Maurer of Newmark Knight Frank Halakar is the sale broker partnering with Friedman on the Indiana property.

Gallery at Warren Conner is a ±107,650 square foot community retail center located at 4899 Conner Street on Detroit’s east side. Situated on a ±8.98-acre site, Gallery at Warren Conner is a well-occupied center with a tenant profile that is comprised almost entirely of local or regionally brand-recognized discount retailers that have established a strong presence within the community. This asset offers potential investors the opportunity to acquire a stable retail center in a trade area that is underserved by retail. Due to the center’s strong sales supported by a high residential and daytime employment population, a number of tenants have recently executed renewals. Dollar Tree is a new tenant and is expected to open this fall. Forman Mills, the center’s anchor tenant, is one of the City of Detroit’s largest discount retailers, and is one of only three such stores in the Metro Detroit region.

 840 Troy Corporate Center is a +187,579 square foot Class A office building located on West Long Lake Road in Troy, Metro Detroit’s third largest suburban office submarket. Constructed in 1999 on ±1.4 acres, the property is comprised of one (1) six-story multi-tenant office building with a two-story lobby atrium and finely appointed interiors. Located on Long Lake Road with frontage on Crooks Road, both major Troy business routes, the building is also visible from Interstate 75. In addition to its abundant open surface parking of 728 spaces, the property also features a secure, underground parking garage that provides 50 supplementary spaces. 840 Troy Corporate Center is one of the highest-image, institutional grade office buildings in the Troy office market, and provides unparalleled amenities to its tenants. Nearly 60,000 square feet of space is secured under lease until 2015.

Veterans Parkway Plaza is a ±39,835 square foot neighborhood retail center located at the intersection of Veteran’s Parkway and Interstate 65 in Clarksville, Indiana. Constructed in 2005, the ±3.21-acre site is situated within the primary retail corridor in Clarksville, a city in Clark County in the southeastern part of the state just across the Ohio River from Louisville, Kentucky. The center, with excellent visibility from Interstate 65, is adjacent to a Lowe’s home improvement store and across the street from a Wal-Mart Supercenter and Sam’s Club. Located in the heart of the retail trade area that serves the entire population in the Louisville metro area north of the Ohio River, Veterans Parkway Plaza has exceptional value-add opportunity.

“With their prime locations and their stable tenancies, these properties are all exceptional value-add opportunities,” said Swatsenbarg.

For more information on these properties or to view the auction site, visit www.friedmanauction.com.

ABOUT FRIEDMAN INTEGRATED REAL ESTATE SOLUTIONS

Recognized as one of the largest privately-held commercial real estate organizations in the nation, Friedman Integrated Real Estate Solutions provides clients with a single point of contact for the full range of services it offers.

Friedman manages over 140 facilities encompassing more than 16M SF of commercial and 8,000 multi-family units across the country. Friedman’s brokerage team has over 800 current listings with $10 billion in closed transactions. As owners and managers of commercial property for over 25 years, Friedman understands what it takes to achieve results that maximize the client’s objectives.

For more information, please visit: www.friedmanrealestate.com.