A Chicago-based firm has purchased the Carhartt Inc. headquarters in Dearborn.

Syndicated Equities did not disclose in a news release how much it paid for the nearly 58,000-square-foot building at 5750 Mercury Drive near Ford Road and the Southfield Freeway/M-39. 

But CoStar Group Inc., a Washington, D.C.-based real estate information service, says it was part of a three-building portfolio deal for $43.1 million that also included at 68,500-square-foot building at 47519 Halyard Drive in Plymouth Township occupied by German mobility technology company AVL, plus another building totaling about 141,500 square feet in Tucson, Ariz.

“Now, more than ever, we believe that consistent cash flow from an investment-grade tenant on a long-term lease is an excellent position to take amidst current market volatility,” Matt McCulloch, managing partner for Syndicated Equities, said in the release.

Syndicated did not respond to a request for more details.

The buildings were previously owned by New York City-based Net Lease Office Properties, a publicly traded real estate investment trust (NYSE: NLOP). 

Documents on the Net Lease Office Properties website say that, as of Sept. 30, the annual Carhartt rent in the building is approximately $750,000 with annual 2.65% rent increases. AVL’s lease for the Plymouth Township building calls for annual base rent of $575,235 with annual increases of 25 cents per square foot, the website says.

CoStar says Carhartt leases all of its headquarters building and has occupied it since it was built in the early 2000s.

“Carhartt will continue to be a tenant at the Mercury Drive property, and the transaction between these two real estate investment firms has no effect on our associates or commitment to hard workers everywhere,” the 135-year-old workwear company said in a statement to Crain’s.

Construction on the building started in September 2002, according to an April 2003 story on the Michigan Building and Construction Trades Council website. It cost $7 million to build, the story says.