TRAVERSE CITY — Chicago-based real estate investment firm Capri EGM LLC this week announced a sale-leaseback deal for the four-building corporate headquarters of Hagerty Insurance Agency Inc. in downtown Traverse City.
Terms of the deal were not disclosed, but Hagerty Insurance, a provider of insurance for classic boats and cars and other collectibles, will remain a tenant under a long-term absolute net lease, according to a statement.
The deal also includes contractual annual rent increases for the company.
"We are committed to the economic development of a vibrant downtown and regional gateway to business growth in northern Michigan,” McKeel Hagerty, CEO of Hagerty Insurance, said in a statement. "With over 750 employees worldwide, more than 600 of which work in our Traverse City headquarters, we look forward to additional growth in our home town. The sale leaseback does not affect Hagerty's ownership and we are proud to continue as a privately held business."