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The Herrick Company Acquires $150M HQ Building in Downtown Detroit
Norton Herrick, Chairman of The Herrick Company, Inc., a leading national real estate investment firm, announced that the company purchased a new 421,481-square-foot corporate headquarters building in downtown Detroit, Michigan, for $150 million.
The property is located just one block from all four major league sports teams and leased to investment-grade tenant Huntington National Bank on a long-term, triple-net lease. The transaction builds on the company’s continued strategy of investing in single-tenant, long-term net leased assets that are occupied by credit tenants.
“In real estate, there are few investment opportunities as desirable as properties that are leased on a triple net basis by creditworthy tenants such as Huntington Bank,” said Herrick. “As we actively seek out additional investment opportunities that fit our requirements, we’re intently focused on acquiring this type of stable, low-management-intensive property in the retail, industrial and office sectors.”
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