Partial equity funding needed to acquire a Class A office building in Metro Detroit

[Jeffrey Jones]

One of my clients has signed a PA to purchase a 186,000 sq. ft. Class A office building in Troy, Michigan. This is the last best Class A corporate headquarters building left in Troy. We are experiencing strong absorption of office space in our market with the future looking very bright. My client can pay for the building in cash, $11 million PA approximately or approx. $59 per sq. ft. This is a great opportunity for someone to come in at a very reasonable cost and participate in the equity appreciation that will result from leasing the building. My other partner owns his own Commercial Real Estate Brokerage company and has been doing it for thirty years in our market. We have many leads and strong connections to obtain 100,000 sq ft. users of this building. With the lease up of this building the value will double at least. So an equity investor can anticipate doubling their money in one year. My client that has the cash to purchase the entire property would like to participate with another partner to save his capital for another transaction. The debt side of the equation is already taken care of as we can get 50% to 60% financing from my bridge sources on this deal and also obtain the funds for TI's and leasing commissions since they add value to the building. 

I would appreciate hearing from direct sources as opposed to other brokers like me. However if the broker has an excellent source that does this type of investing then I would do a commission split. Of course the broker and the investor must sign an NDA agreement before I will send out any information on the property.  Thank you. My email is [e-mail].