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The Metro Garage Sells for $7.7M

Basco Acquires 168,080-SF Parking Garage in Detroit
April 10, 2018
The Metro Garage at 1009 Cass Ave. in Detroit



Basco, a local investment and development company that was launched in 2001, purchased a 168,080-square-foot parking garage in Detroit from an Allen Park, MI-based private investor. The Metro Garage sold for $7.7 million, or approximately $46 per square foot.

The 10-story structure at 1009 Cass Ave. is located between the Michigan Avenue and Fort/Cass People Mover stations. The Metro Garage was built in 1928 and comprises 400 covered and 28 surface parking spaces for employees at the US Drug Enforcement Administration.

Peter Jankowski, vice president of brokerage services at Friedman Integrated Real Estate Solutions, represented the seller, which purchased the garage in October 2015, according to CoStar’s data.

For additional information on this transaction, please refer to CoStar COMPS #4200115.

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