Southfield-based NAI Farbman has made its second major office purchase in the area this year. The company is the lead investor in buying the Sheffield Plaza, a three-building portfolio in Troy with 520,000 square feet of space.

The deal, estimated to be about $40 million, brings the Farbman Group's Michigan acquisitions to 1 million square feet this year.
In February, the company was lead investor in Oakland Commons, a two-building Southfield office portfolio with 320,000 square feet.
Located on Big Beaver near Coolidge, the Sheffield buildings will be next to the mixed-use development Pavilions of Troy.

Andy Farbman, CEO and co-president of NAI Farbman, said the undervalued Troy market presents once-in-a-lifetime opportunities for buyers.

A partnership of Texas-based Crow Holdings and New York-based Broadway Partners sold the building. It is 70 percent occupied.

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