Twelve-property industrial portfolio sells for $18 million

Marcus & Millichap brokers Michigan deal

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A 12-property industrial portfolio in Michigan has changed hands in a deal valued at $18.1 million. Marcus & Millichap Real Estate Investment Services arranged the sale of the portfolio, which totals 380,000 square feet and includes buildings in Madison Heights and Troy. John Godwin, a senior associate in the Detroit office of Marcus & Millichap, and Daniel Danielak, an investment specialist also in the firm's Detroit office, represented the seller, First Industrial Realty Trust. Marcus & Millichap also represented the buyer, a private TIC and investment group based in California. The portfolio includes eight single-tenant assets leased mainly by European automotive engineering firms, and four single-tenant assets leased to such high-profile companies as Verizon and Müller Weingarten. Many of the tenants have two- to four-year leases in place. The portfolio includes: --A single-tenant industrial building at 800 East Whitcomb Ave., Madison Heights at 15,700 square f...