NAI Farbman recently facilitated the gifting and trading of a 114,397-square-foot Class-A office building located at 28333 Telegraph Rd. in Southfield, Michigan. The transaction involved three companies: the H.N. and Frances C. Berger Foundation, Volunteers of America, and Tamaroff Jeffrey Automotive Group.
According to Ron Goldstone, Executive Vice President at NAI Farbman who represented Volunteers of America in the deal, this was a successful solution for a challenging real estate situation in today’s market.
The California-based nonprofit organization H.N. and Frances C. Berger Foundation originally purchased the property as an investment in 2012 but decided to gift it to another nonprofit due to current conditions within the office industry. David Haboian from REDICO Operations served as Senior Vice President while Edward Wujek from CBRE acted as Executive Vice President on behalf of seller H.N.and Frances C.Berger Foundation during negotiations.
The entire process was completed within just 45 days thanks to effective coordination between all three brokers involved.The end result not only solved multiple challenges but also resulted in two transactions taking place on one day – making it a unique acquisition opportunity for all parties involved.This news was first reported by Connect CRE.
