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

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Triple Properties, the company that owns the Silverdome, purchased historic Detroit skyscraper Penobscot Building for an estimated $5 million.
Triple Properties, the company that owns the Silverdome, purchased historic Detroit skyscraper Penobscot Building for an 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.Flickr photo by PunkToad.

Read the whole story at Detroit Free Press