Newmark has been engaged to oversee the sale of a fully leased, 757,000-square-foot office portfolio composed of five single-tenant assets spread across Michigan, Ohio and South Carolina. The assignment centers on a geographically diverse collection of institutional-quality office properties that are each leased to individual corporate users.
The portfolio includes two buildings at 15701 and 15951 Technology Drive in Northville, Michigan, as well as an office property at 27360 Drake Road in Farmington Hills, Michigan. Outside of Michigan, the offering also features an office building at 2900 Easton Square Place in Columbus, Ohio, and an asset at 1041 E. Butler Road in Greenville, South Carolina. Together, the five locations total 757,000 square feet of office space and are fully occupied at the time of marketing.
Newmark Capital Markets is leading the disposition effort through a team based in the firm's Chicago office. Executive Managing Director Jim Postweiler, Senior Managing Directors Derek Fohl and Peter Harwood, and Associate Director Jack Trager are spearheading the assignment in coordination with local licensees in each state where the properties are located. The team has been retained to market the portfolio on behalf of the undisclosed seller.
According to Postweiler, the combination of tenant diversification, exposure to multiple geographic markets and long-term occupancy is expected to be a key part of the portfolio's appeal to prospective buyers. He noted that these characteristics, along with the institutional quality of the real estate, position the offering for investors seeking predictable income streams today with potential upside through future lease rollover and renewal events.
The offices are leased to a range of established corporate tenants operating in the automotive, manufacturing, healthcare and engineering industries. This mix of occupiers provides sector diversification within the portfolio, rather than concentration in a single industry. The assets are structured as single-tenant properties, aligning them with investors focused on credit tenancy and long-term leases.
By bringing the multi-state portfolio to market as a single offering, Newmark's Capital Markets team is highlighting both the scale of the 757,000-square-foot collection and the stability provided by its fully leased status. The marketing process is aimed at institutional and private buyers targeting office investments backed by long-term tenancy and located in a range of established corporate locations in Michigan, Ohio and South Carolina.
