More Than 350,000-sf Being Handled by Local G&E

DETROIT-The Southfield branch of Grubb and Ellis has leased more than 52,000-sf ofindustrial space in Novi, MI, and has listings in four other communities inSoutheast Michigan.

The company completed an eight-year lease of 51,203 sfof industrial space in Novi to Alcan Aluminum Corp. of Germany.The property is owned by Amson Dembs. After viewing between 100 and 200buildings in Michigan and Ontario, the tenant selected this location basedon its image, said broker team members David Giltner and Doreen Hicks, whorepresented the tenant in this transaction.

The company also announced it has acquired several new industrial listingstotaling over 260,000 sf available in Auburn Hills, MI, RochesterHills, MI, Warren, MI and Independence Township, MI.The listings include about 150,000-sf in four buildings in Rochester Hillsand two buildings with 86,000-sf total in Warren.

Additionally, two business parks have been listed. Fieldstone CorporateCenter in Auburn Hills and Independence Corporate Center in IndependenceTownship both have three- to 21-acre lots available on a build-to-suitbasis.

Grubb & Ellis analysts also said direct lease office deals have stayed onthe market longer than sublease deals, a sign that tenants with excess spaceto sublease have been very aggressive in the rates and terms they offer tosublessees.This comes at a time when the amount of sublease space on the market alsohas begun to decline, and it suggests that the sublease market is in theearly stages of recovering, said the analysts.