JOINT VENTURE ACQUIRES VACANT HOSPITAL PROPERTY FOR $800 MILLION MIXED-USE

NORTHVILLE TOWNSHIP, MICH. — Sperry Van Ness has brokered the sale by auction of the former Northville Psychiatric Hospital property, a 414-acre, 20-building vacant property located at 41001 7 Mile Rd. in Northville Township, for $31.5 million. The property was acquired by REIS-Northville, a joint venture between Bloomfield Hills, Mich.-based Real Estate Interests Group and Livonia, Mich.-based Schostak Bros. & Co. The buyers plan to redevelop the property into Highwood, an $800 million mixed-use development that will consist of 42.2 acres of retail and medical office space, as well as 1,000 residential units. Robert Pliska of the Birmingham, Mich.-office of Sperry Van Ness and Louis Fisher of Sperry Van Ness Accelerated Marketing represented the seller, the state of Michigan.