Herrick announces $150M Detroit acquisition

BOCA RATON, Fla.–The Herrick Co. Inc., one of the nation’s leading real estate investment firms, announced today the purchase for approximately $150 million of a new 421,481 square foot corporate headquarters building located in downtown Detroit, leased to Huntington National Bank on a long-term, triple net lease.
Detroit Huntington Bank

The transaction reflects The Herrick 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 Norton Herrick, Herrick Co. chairman. “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. As demonstrated by this latest transaction, our firm’s ability to close quickly with internal equity on investment targets puts us at a distinct advantage in today’s highly competitive marketplace.”

Founded more than 40 years ago, Herrick Co. is a real estate investment company that has completed more than $6 billion in transactions throughout its history. The company focuses on high quality, single tenant, net lease office, industrial and retail properties in key markets throughout the U.S., as well as prime undeveloped oceanfront and intercoastal land sites in Southeast Florida.

More at https://www.theherrickcompany.com

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