The Herrick Company Inc. announced the purchase for approximately $150 million of a new 421,481-square-foot corporate headquarters building located in downtown Detroit, one block from all four major league sports teams and leased to an investment grade tenant, Huntington National Bank, on a long-term, triple net lease.
“In real estate, there are few investment opportunities as desirable as properties that are leased on a triple net basis by creditworthy tenants such as Huntington Bank,” said Norton Herrick, chairman of The Herrick Company, Boca Raton, Florida. “As we actively seek out additional investment opportunities that fit our requirements, we’re intently focused on acquiring this type of stable, low-management-intensive property in the retail, industrial and office sectors.”
Founded more than 40 years ago, The Herrick Company is a national real estate investment company that has completed more than $6 billion in transactions throughout its history. The company focuses on high quality, single-tenant, net-lease office, industrial and retail properties in key markets throughout the U.S., as well as prime undeveloped oceanfront and intercoastal land sites in Southeast Florida.
