Meijer Drive Industrial

Class B Office / ±122,829 SF / Troy, MI

Purchased the 4-building, Class B office/flex portfolio as REO with partner Rialto Capital Management from Flagstar Bank in May 2013. At the time of purchase, each building was tenanted by French automotive parts manufacturer Faurecia Group under a master lease with just 1 year of term remaining. Premier subsequently negotiated a lease termination with Faurecia and signed new, long-term leases with tenants Stanley Black & Decker, Rochling Engineering Plastics and Meridian Health. The property was sold in July 2016 for three times our initial investment.