According to Scott Lyons, vice president of Southfield-based Grubb & Ellis Co.'s Industrial Group, the final deal was close to the original quoted ask rate of $4.50 per sf, triple net.

"This is a state-of-the-art building and fantastic industrial property, though they're not using it for that purpose," says Lyons who, with Grubb's Tony Avendt, represented the building's owner. Lyons tells GlobeSt.com that the tenant did examine other spaces, but the height of the structure--with a clear height maximum of 24 feet--was another factor in closing this deal.

Douglas Fura, who represented the tenant in the transaction, tells GlobeSt.com that the structure will soon undergo renovation for the tenant, once processes and building permits have been obtained. Renovations will include installation of basketball-appropriate flooring, as well as other amenities for teams to use. "They're anticipating opening either late December 2005 or January 2006," says Fura, vice president with NAI Farbman Group in Detroit.