86,000-SF Industrial Facility Sells in Southern Wayne County

(To read more on the industrial market, click here.)

(Natalie Keith is a contributing writer to GlobeSt.com.)

VAN BUREN, MI-Consolidated Holdings LLC has purchased an 85,980-sf industrial building at 7565 Haggerty Rd. The property was owned by Comerica Bank. The purchase price was not disclosed.

Consolidated Holdings selected the site for its access to major highways and in anticipation of growth within the area. Grubb & Ellis brokers Randall Allman, James McClowry and Dan Labes represented the seller in transaction. All three are senior vice presidents in the firm’s industrial group.

Consolidated Holdings isn’t the only company bullish on Southern Wayne County. The area’s 9.2% vacancy rate at the end of 2005 was one of the lowest in the Metropolitan Detroit area, according to a Grubb & Ellis industrial market trend report for the fourth quarter 2005.

In fact, increased leasing demand throughout 2005–the area saw 481,916 sf of net absorption during the year–depleted the inventory of class A warehouse space. This has led three major developers to break ground on “big-box” class A warehouse space. Kojaian Properties has started construction on two 219,000-sf distribution centers on Haggerty Road in Van Buren. First Industrial is nearing completion on 302,000 sf and Liberty Property Trust is finishing 424,000 sf in Romulus, according to the report.

In Southern Wayne County, average asking rents are $3.29 per sf for general/manufacturing, $4.32 per sf for warehouse/distribution and $12.17 per sf for research & development/flex space.