"The first development should be finished by spring, and another identical building will be started in the summer," he says. The price for the complex is about $20 million. It's the company's second entry into the market.

"We came out four years ago for a development for Advo Co. and began looking for additional land," Blum notes. Opus wanted land in Van Buren, but a moratorium on new development was implemented. The company finally received site plan approval in July.Blum says the company is talking to a few prospects right now for the facility. "We hope to rent the space in the $5 to $5.25 per square foot range, triple net," he says. The company is also scouring the Detroit area for more developable land for more projects.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.