Friedman-led JV Grabs 430 KSF at Arboretum Office Park
By Veronica Grecu, Associate Editor
Arboretum Office Park, a 600,000-square-foot business complex located at 34405-34605 W. Twelve Mile Road in Farmington Hills, was almost fully sold to a private partnership called Arboretum Acquisitions LLC.
As reported by Crain’s Detroit Business, the joint venture between Farmington Hills-based Friedman Integrated Real Estate Solutions and Kojaian Management Corp. of Bloomfield Hills (which was described as a “silent partner” with no leasing, management or construction role in the deal) recently purchased almost three quarters of the business complex in a $10 million transaction that was brokered by Jones Lang LaSalle on behalf of the owner. According to the news source, the asset was previously owned by Burton-Katzman LLC of Bingham Farms.
The Friedman/Kojaian partnership now owns four office buildings—Arboretum I (115,000 square feet), Arboretum II (129,000 square feet), Arboretum III (163,000 square feet) and Arboretum R (20,000 square feet)—totaling around 430,000 square feet of space along the Twelve Mile Corridor in Farmington Hills, just 30 minutes from Downtown Detroit. The four buildings are interconnected by enclosed walkways, allowing for convenient transit throughout the complex. The office spaces available for lease range from 1,000 to 350,000 square feet, including a corporate headquarters facility with visibility from I-696 and Twelve Mile Road. According to an official statement, Friedman plans new landscaping, as well as renovating the buildings’ exteriors and remodeling lobbies with high-end modern finishes.
Arboretum IV, the 114,000-square-foot building that wasn’t included in the sale and is still owned by Burton-Katzman LLC, is 69 percent leased and continues to be managed by Signature Associates Inc. of Southfield, MI.
Image via Friedman Integrated Real Estate SolutionsTags: Acquisitions/Dispositions, Arboretum Office Park, Brokers, business complex, Commercial, Detroit Lead Story, Farmington Hills, Finance/Investment, Friedman Integrated Real Estate Solutions, Investors, Jones Lang LaSalle, Kojaian Management Corp., leasing, Local, National, Office, Professional, Regional