Ohio Developer Sells Office Facility to Local CPA

SOUTHFIELD, MI-TransCon Builders Inc., headquartered in Cleveland, recently sold an 8,800-sf office building it developed during the 1980s to a local CPA for $1.25 million.

The property, at 29500 Telegraph Rd., was sold to local businessman Roumel Sheena, who will use part of the space for his business, which he will move from its current location at 17220 W. 12 Mile Rd. The Telegraph Road property is also home to a law firm.

“This property is about 28% occupied, and it was bought by a user, who will occupy the whole first floor, and has another client he’ll put on the second floor,” comments Michael Bennett, vice president with Colliers International’s Southfield office. Bennett and colleague Michael Moran represented the seller in the transaction. Friedman Real Estate Group Inc. in Detroit represented the buyer.

Bennett tells GlobeSt.com that the 20-year-old building was initially advertised as a lease opportunity rather than as a property for sale. “This wasn’t actively marketed as a sale,” he adds, “but we got some interest from the buyer who asked us if we would consider a sale, and we ended up agreeing on a price.” The property, he adds, will not require much in the way of renovation.

TransCon Builders develops various commercial real estate projects throughout the Midwest and Northeast, including nursing and assisted living properties, multifamily complexes, and office properties. Owner’s Management, a subsidiary of the company, helps manage the properties.