Several years ago, I helped a client and friend purchase a multi-tenant building in Livonia. After the transaction closed, he mentioned that if one of the building’s tenants ever left, he’d call me to find a replacement.
It took several years, but eventually we heard from him. A long-term tenant had decided to move out, and he knew he could count on Frank Rakipi and me to lease the space without delay.
The building, at 31805-31815 8 Mile in Livonia, has a lot going for it: great visibility, clean interior, and best of all, plenty of parking. Demand in the area is high, and with the lack of comparable properties for lease, we decided to be a bit aggressive with the rate.
After numerous showings, letters of intent, and lease drafts, we signed CrossFit 8 Mile to a long-term lease at very close to asking rate. The gym had outgrown its facility, and our building was not only close, it also had enough interior space and plenty of parking to accommodate the gym’s growing membership. Best of all, CrossFit 8 Mile doesn’t need to change its name, only its street number on 8 Mile.
If you’d like to know more about this transaction or how we can help you with your commercial real estate, please contact us at (248) 476-3700.
