Local All-Cash Buyer Acquires 5,749 SF Retail Building In Southfield For $2.1M

A retail property located at 24805 West 12 Mile Road in Southfield, MI was sold for $2,100,000. The asset spans 5,749 square feet, equating to a price per square foot of $365. The building is leased under a new 10-year NNN ground lease starting in March 2024.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,100,000
• Square Footage: 5,749 SF
• Price per Square Foot: $365
• Address: 24805 West 12 Mile Road
• Market: Southfield, MI
• Brokers Involved: Ashish Vakhariya, Darin Gross & Seth Haron - Marcus & Millichap
• Buyer Type: Local all-cash buyer

Marcus & Millichap arranged the sale, facilitating the transaction involving the retail building leased to Huntington Bank. The property will start its ground lease in March 2024 and was sold to a buyer who paid entirely in cash.