Quint Group, one of the most active private real estate investment firms in Quebec has made its first acquisition in Michigan, purchasing the building known as the Mars Corporate Center. The property consists of a 185,788 sq. ft. multi-tenant office building located in Southfield, one of the preeminent office submarkets in Metro Detroit.
This marks Quint Group’s second acquisition south of the border in less than 6 months, reinforcing its firm commitment to expanding its presence in the United States. The Montreal-based developer previously acquired a 258,300 sq. ft. industrial building in Olive Branch, Mississippi in December 2020. The 5-year-old company has purchased or developed more than 10 million square feet of retail, industrial and office properties across Canada and the US.
The recently acquired office building is centrally located at 25200 Telegraph Road, within minutes of multiple freeways and interstates, providing convenient access to the greater Metro Detroit area. The class A property, built in 1974, offers tenants on-site amenities such as a café and a 5-story atrium. Tenants in the building include Mars Advertising and IBI Group.
“This latest acquisition in Michigan is in line with our strategy of growing our portfolio in the US. Detroit is a market we have been looking to enter for a long time and are pleased to have found the right opportunity to do so,” commented Simon Yeramian, Vice President of Investments. “We are ramping up our efforts to purchase value-add industrial and suburban office properties across the US and expect to announce several new acquisitions in the upcoming months.”
The building, which is currently 64% occupied by 8 tenants, offers significant upside which Quint Group will capture through the lease up of vacant space. Friedman Real Estate, the largest commercial real estate agency in Michigan, represented the seller in this transaction, and will represent the new ownership group in the management and leasing of the property.