Since then, the property has sat vacant with little takers for leasing. Carpenters' Pension Trust fund, Detroit and Vicinity became the new owners in January when they bought out former partner Crudo Equities LLC of Warren for 78 acres on the 153-acre plant property, including the large warehouse and manufacturing space.
"Noble will bring in hundreds of jobs, and jump-start the redevelopment of the project," Dan Labes, senior vice president of Grubb and Ellis of Southfield, told GlobeSt.com. His company is marketing the site, now known as the Warren Commerce Center.
The fact the property is suburban Detroit's only Renaissance Zone helped entice the company to move into the site, Labes says. The metal forming and processing firm will pay virtually no taxes on its space for 15 years. The company has a signed letter of intent to lease the space at rates now under negotiation. The regular lease rate for the building is $4.95 per sf.
Labes expects to have the lease signed by the end of March. The company expects to move parts of its operations in Clinton Township and Detroit to the Warren site, and will eventually make the space its headquarters. A partnership of Carpenters and Crudo bought half of the land from the city two years ago, including the Army building. The other 75 acres went to other private developers.
Carpenter bought out Crudo's interest and hired Centerpoint Properties of Oak Brook, IL, which has handled renovation of military property, to be the development manager.
Leasing has been difficult, especially with a restriction by the city that the building not be used for warehouse space, Labes says.
Kojaian Cos. of Bloomfield Hills has built a 30,000-sf build-to-suit facility for Johnson Controls on the site. The Macomb Community College is using some of the space for a vocational training center. The city of Warren is auctioning off 26 acres and the Army retained about six acres.
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