The Herrick Company has purchased a 421,481-square-foot corporate headquarters building in downtown Detroit for $150 million.
The property is located in a top location, one block from all four Detroit major league sports arenas. Huntington National Bank has leased the building on a long-term, triple-net lease.
“In real estate, there are few investment opportunities as desirable as properties that are leased on a triple net basis by creditworthy tenants such as Huntington Bank,” said Norton Herrick, chairman of The Herrick Company, in a statement. “As we actively seek out additional investment opportunities that fit our requirements, we’re intently focused on acquiring this type of stable, low-management-intensive property in the retail, industrial and office sectors.”
Founded more than 40 years ago, The Herrick Company is a national real estate investment company that has completed more than $6 billion transactions.
