Newmark has been retained to lead the sale of a fully leased, 757,000-square-foot office portfolio made up of five single-tenant properties across Michigan, Ohio and South Carolina.
Newmark Capital Markets Executive Managing Director Jim Postweiler, Senior Managing Directors Derek Fohl and Peter Harwood and Associate Director Jack Trager, in cooperation with local licensees, are leading the marketing efforts on behalf of the seller.
The assignment includes 15701 and 15951 Technology Drive in Northville, Michigan; 27360 Drake Road in Farmington Hills, Michigan; 2900 Easton Square Place in Columbus, Ohio; and 1041 E. Butler Road in Greenville, South Carolina.
The portfolio is leased to a diverse mix of established corporate occupiers spanning the automotive, manufacturing, healthcare and engineering sectors, including Tenneco, Forvia, Sumitomo and Jacobs. Collectively, the assets offer investors stable single-tenant net lease income backed by strong corporate tenancy and a weighted average lease term of approximately 6.4 years.
The properties are strategically located in established suburban office corridors that benefit from strong regional connectivity, access to major transportation infrastructure and proximity to large population and employment centers. The Michigan assets are situated within Detroit’s highly regarded western suburban office market, while the Columbus and Greenville properties are positioned in two of the Midwest and Southeast’s fastest-growing business environments, each supported by expanding corporate investment, skilled labor pools and diversified economic drivers.
