Marcus & Millichap negotiated the sale of 255 Rex Blvd., a 68,839-square-foot office property leased to Teijin Automotive in Auburn Hills, Michigan. The property sold for $7.425 million.
John Godwin and Melissa Mann, investment specialists in Marcus & Millichap’s Detroit office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer.
Built in 1989, the office property is located on 5.15 acres just off Interstate 75. It has served as the corporate headquarters for Teijin Automotive Technologies, with a corporate guarantee from Teijin Limited, a Japanese chemical, pharmaceutical, and information technology company, since 2014. The company recently renewed its lease for an additional 10 years.
