Real estate investment management firm Crestlight Capital in Detroit and Sabal Investment Holdings in Irvine, Calif., are expanding their joint venture storage partnership by buying 312,000 square feet of class A warehouse space near Detroit Metro Airport in Romulus.
Located at 10725 Harrison Road in Romulus, the property currently is leased to tenants UPS, Crane Worldwide Logistics, and Nippon Express. The purchase is an addition to the joint venture’s existing portfolio comprising four warehouse assets, representing 1.1 million square feet, that Sabal and Crestlight bought in February 2023.
Combined, the five-building facility now represents a total of 1.4 million square feet. Crestlight will serve as the local operating partner responsible for on-the-ground asset management.
Located two miles from the Detroit Metropolitan Wayne County Airport, the property meets the demand for industrial space in metro Detroit.
“This deal is part of a portfolio assemblage in the Detroit market, which we believe is often overlooked by large institutions, though it offers very strong fundamentals and continued growth opportunities,” says Brian McAlpine, principal at Crestlight Capital. “We will continue to work through renewals of the existing, long-term tenants, one of which has been with the property since 2003.”
