Ypsilanti Twp Murray’s Auto Property Sells for $1.7 Million

November 24, 2008 by  
Filed under News

by Erica Underland, CoStar Group.

Investors Trade 8,000-SF Retail Bldg. for $216 PSF

BJ Properties Management LLC, an investor from California, purchased the Murray’s Discount Auto Store property at 1015 E. Michigan Ave. in Ypsilanti, MI, from Novi-based DAP Ypsilanti LLC for $1.73 million, or approximately $217 per square foot.

The 8,000-square-foot retail building is on 2 acres was built last year and is fully occupied by Murray’s Discount Auto. There is a corporate guarantee on the property and Murray’s recently signed a 15-year lease on the space. There is also a 10 percent rent increase set for every five years. The cap rate at the time of the transaction was 7.5 percent.

Robert Bender of Marcus & Millichap-Detroit and Andy Gallas of Marcus & Millichap-Chicago represented both the seller and the buyer.

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