Norris & Stevens/TCN Worldwide in Portland and Signature Associates/TCN Worldwide in Detroit 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, 45230 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!"
|53069 Van Dyke Ave in Shelby Township, MI|
|45230 Michigan Ave in Canton Township, MI|
About Norris & Stevens, Inc./TCN Worldwide
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. Founded in 1966, the firm currently employs around 75 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. Norris & Stevens’ property management portfolio exceeds 6 million square feet of commercial space and 9,000 apartment units.
To learn more about Norris & Stevens, visit norris-stevens.com.
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About Signature Associates/TCN Worldwide
Signature Associates, with offices in Southfield, Detroit, Lansing, Grand Rapids, Muskegon, Holland, Kalamazoo, Michigan and Toledo, Ohio, is the region’s leading commercial real estate firm. Signature provides a diverse selection of services, including brokerage, tenant representation, investment sales, property/asset management, advisory services, consulting and market research.
To learn more about Signature Associates, visit signatureassociates.com.
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