Farmington Hills’ Friedman Real Estate Part of $46M Property Acquisition

The 407,000-square-foot distribution center in Waterford Township is part of the acquisition by Friedman Real Estate and Taconic Capital Advisors. // Courtesy of Google

Friedman Real Estate, a provider of commercial real estate services in Farmington Hills, and New York-based institutional investment firm Taconic Capital Advisors, have formed a joint venture to acquire a four-property portfolio from Rite Aid Corp. for $46 million as a structured. sale-leaseback.

Part of the 1.23 million-square-foot portfolio is a 407,000-square-foot distribution center located at 5400 Perry Drive in Waterford Township. Originally built by Michigan-based Perry Drugs, it was acquired by Rite Aid Corp. in 1994. The other three properties are in New York.

Rite Aid will continue to utilize three of the four buildings as distribution centers for its Midwest and East Coast e-commerce platform operations.

“We are excited to expand our presence in the industrial market with the acquisition and leaseback of these facilities,” says Jared Friedman, managing director of Friedman Real Estate. “We are confident about the future growth prospects in the logistics sector and the potential for development and redevelopment within this portfolio.”

The joint venture also purchased more than 50 acres of land for possible future expansion and development.

“The deep demand for suitable logistics solutions in both the New York and Michigan regions presented a rare and powerful investment opportunity,” says James Jordan, principal and portfolio manager of Taconic Capital Advisors CRE investments. “This acquisition marks Taconic’s first industrial investment as part of its new fund.”

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