Norton Herrick, Chairman of The Herrick Company, Inc., a leading national real estate investment firm, announced the acquisition of a new 421,481-square-foot corporate headquarters building in downtown Detroit for $150 million. Located just one block from all four major league sports teams and leased to investment-grade tenant Huntington National Bank on a long-term triple net lease basis; this transaction builds upon the company’s strategy of investing in single tenant assets occupied by credit tenants.
Herrick commented “In real estate there are few investments as desirable as properties that are leased on triple net terms by creditworthy tenants such as Huntington Bank. We remain focused on acquiring stable low management intensive properties within retail industrial and office sectors.”
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