Commercial Deals: Specs Howard Building
The Specs Howard School of Broadcast Arts building in Southfield has sold.
The 60,000-square-foot office building was sold to 19900 W 9 Mile LLC, an entity affiliated with IDG Holdings LLC in Southfield.
Bernard Financial Group arranged the loan, which was originated by Dan Duggan, the Southfield firm said in announcing the acquisition Thursday.
"They bought it as an investment property," said Duggan, a former Crain'sreporter and editor. "They love Specs Howard and love the location and plan to buy more in metro Detroit."
Kevin Jappaya, founder and owner of Farmington Hills-based KJ Commercial, represented the seller, West Bloomfield Township-based Symmetry Property Management.
A spokeswoman for Bernard Financial said Specs Howard would stay in the building and that capital improvements are planned, but declined to go into further details. The company also did not disclose the sale price.
The building was 85 percent occupied when it was put up for auction in July. It was built in 1971 and has 265 surface parking spots on 3.4 acres of land.
Specs Howard moved into the facility in 1994. The media arts school is the largest tenant, taking up nearly three-quarters of the building. The school's lease stipulates that the new owner would cover future capital expenditures such as roof replacement and a new facade, Crain's reported.
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