Congratulations! Norris & Stevens, Inc. and Signature Associates Worked Together to Broker Two Ground Leases for $3,769,192!
Consisting of two ground leases with two separate buyers, Norris & Stevens, Inc. and Signature Associates worked together to broker the CVS Ground Lease, 53069 Van Dyke Ave in Shelby Township, MI, for $1,725,000.00 with a 6.36% Cap and Chase Ground Lease, 45320 Michigan Ave in Canton Township, MI, for $2,044,192.00 with a 6.48% Cap.
Raymond Duchek and Thomas McDowell with Norris & Stevens, Inc./TCN Worldwide in Portland initiated the assignment and worked with Griffin Pitcher and Luke Timmis with Signature Associates/TCN Worldwide in Detroit to close the transactions.
Raymond Duchek, vice president of investment properties at Norris & Stevens added, “One of our clients in Oregon owned two ground leases in Michigan that they wanted to sell. We reached out to Signature Associates through TCN and were connected with Luke Timmis and Griffin Pitcher. Luke and Griffin did a tremendous job for our client generating over 15 offers and getting both deals closed in a timely manner. It was a very seamless process; we hope to work with them again!”