CORFAC News

CONTACT:
Mason L. Capitani, SIOR
248-637-7795
MLCapitani@Lmcap.com

Troy, MI (May 20, 2014) – L. Mason Capitani/CORFAC International is pleased to announce that the firm has successfully brokered the sale of the Westridge Office Center in Farmington Hills, Michigan to California based LSTC California, LLC. Encompassing 18,412 square feet, the two building office complex was approximately 78% leased at the time of sale.

Mason L. Capitani, Executive Vice President with the firm represented both the purchaser and the seller, Huntington National Bank, in the transaction. The property was listed and sold within one month of it being publicly marketed. The asking price for the property was $1,380,900. The final sale price was not reported.

“It has been our experiences that out of state investors typically view Michigan as an excellent place to invest in commercial real estate,” commented Mason L. Capitani, “investments may carry more risk in Michigan but cap rates are typically higher and most properties offer upside potential”.

The new ownership will be immediately making improvements to the property including a new parking lot and exterior landscaping. L. Mason Capitani CORFAC International will continue to lease the property moving forward.

About L. Mason Capitani/CORFAC International
Founded in 1965, L. Mason Capitani/CORFAC International is one of the most established privately held real estate brokerage firms specializing in the sales, leasing and management of industrial, office, medical and retail properties in Michigan. The company’s scope of services include landlord and tenant representation, buyer and seller representation, site acquisition and build to suit coordination. L. Mason Capitani, Inc. is an affiliate member of Corporate Facility Advisors – CORFAC International, which is one of the largest commercial real estate services organizations in the world. CORFAC is comprised of privately held entrepreneurial firms serving more than 150 markets in the Americas and internationally. For more information, visit the L. Mason Capitani, Inc. web site at www.Lmcap.com.