05/05/2012 11:10 am ET

Toronto Real Estate Firm Buys Historic Penobscot Building For Estimated $5-million

Another major downtown Detroit skyscraper has been sold, and -- surprise! -- the buyer was not Dan Gilbert.

Triple Properties, the Toronto-based real estate firm that already owns the Silverdome in Pontiac, bought downtown's historic Penobscot Building last week for a price estimated to be in the $5-million range.

The seller was Capmark, an investment firm that obtained the title to the Penobscot in a foreclosure action against the former owner, the Northern Group.

Read more on Detroit Free Press

Flickr photo by PunkToad.