Newmark Grubb Knight Frank (NGKF) is pleased to announce that Chris Dowell and Jack Coury, senior managing directors in the company’s Detroit office, recently completed 10 industrial leases totaling 215,102 square feet in Sterling Heights, Michigan. The 10 deals were all completed within a 13-day period.
“The vacancy rate in Sterling Heights, part of Macomb County, is currently extremely low at about 3.7%,” said Dowell. “Jack and I used our resources and relationships within NGKF, along with our familiarity with the market, and we were able to consummate these 10 deals quickly for our clients.”
Dowell and Coury, along with three other NGKF brokers represented both the landlords and the tenants in the 10 transactions which include:
- A 108,000-square-foot lease for Sodecia North America, Inc. at 42600 Merrill Road. The manufacturing facility features a 6,000-square-foot mezzanine area, four overhead doors, six exterior truck wells and a 10-ton crane. Robert Pagano, a senior managing director in NGKF’s Detroit office, also represented the landlord.
- Central Irrigation leased 6,450 square feet at 42730 Merrill Road. Built in 1985, this industrial property features 1,200 square feet of office space and 14’ clear height.
- A supplier of specialized manufacturing equipment for the automotive industry, HTI Cybernetics, leased 24,829 square feet at 6855 19 Mile Road.
- A 13,727-square-foot lease was signed with Fraza Forklifts at 6430 19 Mile Road. Built in 1984, this property features a mezzanine, sealed shop floor, exhaust fans as well as main road exposure. Mike Davidson, senior managing director at NGKF, represented the tenant.
- A supplier of factory automation and conveyor systems, Bleichert, Inc., leased 13,629 square feet at 6545 19 Mile Road.
- A local defense contractor leased 16,295 square feet at 6615 19 Mile Road as well as 3,760 square feet of industrial space at 7657 19 Mile Road. Geoffrey Hill, senior managing director in NGKF’s Detroit office represented the tenant.
- A leading undercar and under hood auto parts warehouse in southern Michigan, Motown Automotive, leased 5,050 square feet at 7625 19 Mile Road.
- A 9,127-square-foot lease was signed by Superior Warehousing & Distribution, Inc. at 36715 Metro Court. Mike Davidson, senior managing director at NGKF, represented the tenant.
- Rapidfit, Inc., a provider of 3D-printed fixture solutions for the automotive industry, leased 14,235 square feet at 35660 Beattie Drive.
According to NGKF’s Detroit Q1 2015 Industrial Report, the Macomb County industrial market revived again during the first quarter of 2015, posting more than 1.2 million square feet of positive absorption. The spike in demand caused the vacancy rate to fall 110 basis points to 3.7% during the quarter. Much of the submarket’s absorption came from both large block sales and leases.
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 12,000 professionals operate from more than 330 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 http://www.bgcpartners.com/.