The Detroit office of Newmark Grubb Knight Frank, a national real estate firm, has complete industrial transactions of more than 2.3 million square feet in the last 45 days, including new leases in Brownstown Township along with the sale of a new warehouse in Novi. The costs of the deals were not disclosed.
“The Metro Detroit industrial market is strong and vacancy rates are at a historic low,” says Daniel Labes, senior managing director of the Detroit office, who brokered the transactions.
Labes says the company signed five new lease transactions in the Brownstown Business Center, a 4.4 million-square-foot industrial park in Brownstown Township. The transactions included a 550,000-square-foot lease to Hollingsworth Logistics, a logistics provider to the manufacturing and distribution communities; a 360,000-square-foot lease to Keystone Automotive, a distributor and marketer of aftermarket automotive equipment and accessories; 210,000 square feet to Amazon; 80,000 square feet to ProTrans, a logistics provider; and 50,000 square feet to MXD Group, which provides logistics services for home delivery and retail replenishment.
Labes consulted on transactions including a 210,000-square-foot lease renewal for Owens and Minor, a medical products supplier, at the Romulus Business Center; the sale of a 150,000-square-foot newly constructed warehouse in Novi for North Carolina-based American Tire Distributors; and the sale of the 125,000-square-foot McLane Foodservice warehouse in Plymouth Township.
The remaining transactions included one new lease and three renewals in Orion Township, Romulus, and Lincoln Park.