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United Stationers Asset Sale Seen as Positive Sign

LIVONIA, MI-With the largest industrial building transaction year to date in this suburb, Grubb & Ellis senior vice president Larry Emmons says brighter days are ahead for the submarket.

By Dan Heaton | Updated on April 07, 2004

LIVONIA, MI-Has a corner been turned in Livonia? A top Grubb & Ellis broker thinks so. Larry Emmons, senior vice president in Grubb & Ellis’ industrial group in Detroit, says he thinks Livonia’s industrial sector is at the beginnings of a revival. He says the submarket’s industrial vacancy rate could decline by as much as two percentage points in 2004.Emmons recently represented Norry Management of Rochester, NY in the purchase of a 203,100-sf industrial building. The building was sold by Des Plaines, IL-based United Stationers Supply Co., which was represented by another Grubb & Ellis team member, David Giltner.Grubb & Ellis wouldn’t disclose the sale price, but the building had a $6-million asking price and had been on the market for more than a year.Grubb & Ellis called the sale the biggest transaction year-to-date in Livonia, a Detroit suburb that ranks as southeast Michigan’s fifth-largest city with some 100,000 people. The local industrial submarket has some 27 million sf of industrial space, with lease asking rates generally in the $4 per sf to $6 per sf range.Simultaneously with the sale, Emmons and another Grubb & Ellis team membr, Scott Lyons, arranged for a 10-year lease on the building to Pratt Industries of Plymouth.”The Livonia market has been hovering at 10%-11% vacancy for the past couple of years,” Emmons tells GlobeSt.com. “We expect that to shrink by 1% to 2% this year.”

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