State: Michigan - MI

A purchase price was not given, but retail properties in the Detroit area are commanding $147/sf, which would peg a sales price at roughly $6.12 million.

70 percent leased.

two adjacent parcels come with the transaction. Rents average $799/month.

A venture led by Hines Interests has turned One Detroit Center, a 1 million-square-foot building in the city's downtown, over to its lenders in a deed-in-lieu of foreclosure.

development will be redeveloped into 23 residential condo units