{"id":1004302202,"date":"2019-02-24T09:12:23","date_gmt":"2019-02-24T17:12:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004302202"},"modified":"2022-03-03T13:56:28","modified_gmt":"2022-03-03T21:56:28","slug":"foster-financial-buys-suburban-detroit-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/foster-financial-buys-suburban-detroit-office-asset\/","title":{"rendered":"Foster Financial Buys Detroit-Area Office Asset"},"content":{"rendered":"<div id=\"attachment_1004302211\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Lahser-Center.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004302211\" data-attachment-id=\"1004302211\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/foster-financial-buys-suburban-detroit-office-asset\/lahser-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Lahser-Center.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Lahser Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Lahser Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Lahser-Center.jpg?w=640\" class=\"wp-image-1004302211 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Lahser-Center.jpg\" alt=\"\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Lahser-Center.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Lahser-Center.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004302211\" class=\"wp-caption-text\">Lahser Center<\/p><\/div>\n<p>Foster Financial has paid $5 million for Lahser Center, a two-building office campus in Detroit\u2019s Southfield submarket. The seller, Interwest Capital Corp., owned the 173,500 square-foot asset since 2007, the year it purchased it from REDICO, according to Yardi Matrix data. Newmark Knight Frank\u2019s Advisor Michael Valant and Executive Manager Director Daniel Canvasser represented the buyer in the deal.<\/p>\n<p>Lahser Center is located at 26400 Lahser Road, off the interchange between Interstate 696 and John C. Lodge Freeway and near Lawrence Technological Institute. It was completed between 1969 and 1973 and underwent cosmetic renovations in 2007. The property encompasses retail space on the first floor and a parking lot accommodating up to 781 vehicles. At the time of the sale, the office campus had four spaces available accounting for nearly 70,000 square feet.<\/p>\n<p>The nearby area is predominantly residential, except for a few office buildings occupied by the Michigan Orthopaedic Institute and Eaton Corp. According to a recent office report by Yardi Matrix, Southfield, Detroit\u2019s largest office submarket, has been seeing <a href=\"https:\/\/www.commercialsearch.com\/news\/office-resurgence-continues-in-detroit\/\">increased interest from investors<\/a>&nbsp;due to its assets\u2019 high acquisition yields.<\/p>\n<p><em>Image courtesy of Yardi Matrix <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The seller, Interwest Capital, owned the two buildings located in the Southfield submarket since 2007 and sold them for $5 million.<\/p>\n","protected":false},"author":30,"featured_media":1004302211,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1495,21783,13,21742,21747],"tags":[36857,36007,39269,35899],"class_list":["post-1004302202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-detroit","category-investment","category-midwest","category-latest","category-office","tag-interwest-capital-corporation","tag-newmark-knight-frank","tag-redico","tag-southfield"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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