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Office Building Trades Twice in One Day in Unique Acquisition
NAI Farbman supported three companies in the gifting and trading of a 114,397-square-foot Class-A office building located at 28333 Telegraph Rd. in Southfield, Michigan, between the H.N. and Frances C. Berger Foundation, Volunteers of America and Tamaroff Jeffrey Automotive Group.
“This was the perfect recipe of solutions to a really difficult real estate challenge in today’s office leasing and acquisition space,” said Ron Goldstone, Executive Vice President at NAI Farbman, who represented Volunteers of America in the transaction.
The H.N. and Frances C. Berger Foundation, a California-based nonprofit, purchased the asset in 2012 as an investment and, given the current state of the office industry, opted to gift the property to another nonprofit organization. David Haboian, Senior Vice President of Operations at REDICO, and Edward Wujek, Executive Vice President at CBRE, represented the seller H.N. and Frances C. Berger Foundation in the transaction.
The transaction closed in 45 days and solved three challenges. All three brokers successfully coordinated the property conveyance from a charity to a non-profit, followed by a sale to an investor.
