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Newmark Grubb Knight Frank (NGKF) is pleased to announce that Daniel Labes, senior managing director in the company’s Detroit office, recently completed multiple industrial transactions in excess of 2,300,000 square feet. All of the transactions were completed in Southeast Michigan within a 45-day period.
“The Metro-Detroit industrial market is strong and vacancy rates are at a historic low,” said Labes. “By using our resources within NGKF, along with our market knowledge, we were able to assist our clients in navigating the tight market and create solutions that best fit each of their specific needs.”
Five of the new lease transactions were inked within the Brownstown Business Center in Brownstown Township, Michigan. Brownstown Business Center is a 4,400,000-square-foot industrial business park. Labes represented the landlord, Ashley Capital, on all five transactions, which included a 550,000-square-foot lease to Hollingsworth Logistics, a 360,000-square-foot lease to Keystone Automotive, 210,000 square feet to Amazon, 80,000 square feet to ProTrans and 50,000 square feet to MXD Group.
Labes also consulted on three separate assignments on behalf of an out-of-state real estate advisor. The transactions included a 210,000-square-foot lease renewal for Owens & Minor, a medical products supplier, at the Romulus Business Center, the sale of a 150,000-square-foot newly constructed warehouse in Novi for American Tire Distributors and the sale of the 125,000-square-foot McLane Foodservice warehouse in Plymouth, Michigan.
The remaining transactions included one new lease and three renewals. Greenblendz, a manufacturing company, signed a new 45,000-square-foot lease at the Orion Commerce Center in Orion Township, Michigan. Labes and Geoff Hill, NGKF senior managing director, represented Greenblendz/Belfor in the transaction. For the renewals, Labes represented the landlord, Dalfen America, in Cardinal Health’s 136,000-square-foot lease at the Airport Distribution Center in Romulus and NES, an equipment rental agency, in renewing its 65,000 square feet in Lincoln Park and Exel Global Logistics. These transactions were a part of a 330,000-square-foot combined renewal and expansion project for their locations in both Romulus and Van Buren Township, Michigan.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.