SOUTHFIELD, MICH. — NAI Farbman, the brokerage arm of Farbman Group, has brokered the sale of a 114,397-square-foot office building in Southfield. The H.N. and Frances C. Berger Foundation, a California-based nonprofit that supports established organizations promoting healthcare, social services and education, purchased the property in 2012 as an investment. Given the current state of the office industry, the foundation opted to gift the building to another nonprofit, Volunteers of America, a Virginia-based organization founded in 1896 that provides affordable housing and other assistance to low-income residents. David Haboian of REDICO and Edward Wujek of CBRE represented H.N. and Frances C. Berger Foundation, while Ron Goldstone of NAI Farbman represented Volunteers of America.
Following the gifting of the asset, Volunteers of America executed an analysis on the building to determine if it could be converted into a multi-story thrift store, a common practice for the group, which operates dozens of thrift stores nationwide. But the conversion proved too difficult to execute. The property then traded to the Tamaroff Jeffrey Automotive Group, a local automotive dealer of new and used cars. As a result, Volunteers of America raised money for its charity by trading the asset. The property is situated adjacent to Tamaroff Jeffrey’s dealership, allowing for a possible expansion.