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Jackson Blvd Loft Office Poised to Change Hands for $24M
Market Street Real Estate Partners is under contract to acquire a downtown loft office building at 209 W. Jackson Blvd. for about $24 million. Southfield, MI-based Farbman Group had acquired 209 W. Jackson for $13.1 million, and boosted the 133,000-square-foot property’s NOI by more than half during the course of its ownership.
Headquartered in Miami, Market Street Real Estate is among coastal investors seeking deals outside the gateway markets on either coast. Although the six-year-old firm does own properties in San Francisco as well as its hometown, it has also been active in markets such as Providence, RI and Louisville.
For its part, Farbman is poised to join other owners of loft properties nearby that have taken advantage of institutional interest. Fifield, for example, traded 600 W. Jackson this past November to Stockbridge Capital Group for $23.5 million, three years after buying it for $15.3 million.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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