NAI Farbman, a multi-faceted real estate firm in Southfield, today announced the sale of 19 acres of commercial real estate to Cunningham-Limp, a real estate developer based in Novi. The property, located at Dutton and Bald Mountain roads in Auburn Hills, represents one of the largest parcels zoned for research, technology, and industrial in the area. As part of the transaction, NAI Farbman will serve as leasing agent.
The site, which is close to FCA US’ headquarters, General Motors’ Lake Orion Assembly Plant, and Oakland University, can house single or multiple buildings, ranging from 85,000 to 200,000 square feet of space.
“We don’t see many opportunities like this come to market,” says Sam Ashley, vice president of Cunningham-Limp. “There is a shortage of properties this size that are suitable to light industrial facilities that are close to manufacturing centers.”
The demand created during the existing manufacturing resurgence, minimal new supply, and aging outdated buildings have all led to a shortage in functional light industrial manufacturing space in southeast Michigan.
“In this current market, inventories of suitable industry space are at near all time lows. To have a site of this size available, in a very desirable location, and ready for new construction is rare,” says Doug Fura, senior vice president of NAI Farbman. “We have had to become creative in the areas where facilities are needed. It helps when you work with a city like Auburn Hills where officials are business friendly and are able and willing to rezone property.”
The city of also provided tax abatements in addition to the rezoning. The property has the potential for 2017 occupancy.