2200 Revard Highway. Picture courtesy of CommercialEdge
Gladstone Industrial Corp. has signed a five-year lease extension with Yanfeng Worldwide Automotive Expertise in Detroit’s submarket of Monroe, Mich. Yanfeng, a tenant since 2008, will proceed to completely occupy a 220,500-square-foot, Class A industrial property till late 2028.
Inbuilt 2003 on a 32-acre lot, the one-story, cross-dock constructing options 28- to 38-foot clear heights, HVAC heated techniques and 221 parking spots, in response to CommercialEdge info. Gladstone picked up the asset in 2015, in a $30.8 million portfolio transaction, the identical information supplier exhibits.
Situated at 2200 Revard Highway, the property is near Interstate 75. The power is 22 miles from Detroit Metropolitan Wayne County Airport and inside 36 miles of downtown Detroit.
Detroit industrial market’s sturdy fundamentals
In line with a latest CommercialEdge report, Detroit scored the very best hire progress within the Midwest, at 6.4 % year-over-year as of April. Nonetheless, the determine remained beneath the 7.3 % nationwide common. The metro additionally recorded one of many lowest emptiness charges amongst Midwestern markets, at 3.3 %, adopted by Twin Cities and Cincinnati, each at 4.2 %. The market additionally stays among the many most reasonably priced within the area, with property buying and selling, on common, at $68.78 per sq. foot.
In April, Industrial Realty Group has signed a 113,742-square-foot long-term lease at Pontiac Centerpoint Campus West in Pontiac, Mich. Friedman Actual Property negotiated on behalf of the tenant, The Paslin Co.
