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Florida developer seeks $107.5 million payday for City Center property in Troy

The Orlando-based developer of the Troy City Center project is trying to sell the property for $107.5 million.

Unicorp National Developments Inc. is marketing the recently renovated 1979 office property plus its new parking deck and retail space at West Big Beaver and Crooks roads through Southfield-based The Jonna Group, a division of Marcus & Millichap Real Estate Investment Services Inc.

The offering is for a 62,120-square-foot City Center Shoppes retail center built in 2018 for $51.8 million and a 297,530-square-foot, 13-story office tower for $55.8 million. Rights to use a new 1,468-space parking deck for the office building are also included.

A message left Tuesday for Chuck Whittall, president of Unicorp National Developments, was not returned.

Outlot tenants include the Seasons 52 Fresh Grill restaurant and Yard House on 30-year leases and a Shake Shack on a 15-year lease, according to The Jonna Group. Fidelity Investments is also an outlot tenant. Other retailers include Red Effect Infrared Fitness, Massage Green space, Sweetwaters Coffee & Tea, Troy Luxury Cigar Bar, City BBQ and The Great Greek restaurant. Morton’s Steakhouse and The Melting Pot restaurants are in the office space.

Key office tenants are Trion Solutions Inc., Babylon Restaurant Group Inc., Somerset Pain Clinic PC, the Real Integrated advertising agency and others, according to The Jonna Group.

The Jonna Group says the retail space is 100 percent leased while the office space is 95 percent leased. According to CoStar Group Inc., a Washington, D.C.-based real estate information service, the office space leases for $21 per square foot while the retail space leases for $45 per square foot.

Not included in the listing is a 286-unit luxury apartment development by Unicorp under construction on the property, The Jonna Group said, or ownership of the parking deck.

Unicorp paid $20 million for the property three years ago in an online auction when the office tower was just 41 percent occupied, Crain’s reported at the time. Whittall told Crain’s in 2016 that he planned a $130 million development with about 200 apartments. By 2017, that had grown to $150 million, according to a February 2018 story in the Troy Times.

The Jonna Group says Unicorp spent more than $35 million office parking upgrades, tenant improvements, lobby renovations and other building improvements. That doesn’t include apartment construction.

Posted By: Crain’s Detroit Business on January 15, 2019.  For more information, please click here to read the source article.

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