(To read more on the net lease market, click here.)
DETROIT-Wolinski & Co. has renewed a five-year, 3,000-sf lease for office space at 300 River Place, a class A, 502,000-sf office building owned by the Stroh Cos., based in Detroit.
According to Jeffrey Bell, senior vice president of Collier International's Detroit office, the tenant had been at the location for thee years already and "this is simply an extension of that relationship," he tells GlobeSt.com.
Bell represented the property's landlord in the transaction, and Wolinski was self-represented. 300 River Place, which is the former headquarters of the Stroh Brewing Co., has an interesting past. When Stroh's interests were sold to Milwaukee-based Miller Brewing Co. during early 2000, "more than 300,000 sf of space in the building was vacated," Bell says.
But things are starting to pick up. In addition to the recent Wolinski renewal, "we're looking at another pending 2,000 sf lease for a mortgage company and possibly a 2000 sf potential expansion for an existing tenant," Bell says.
Quoted lease rates for the property range from $17.50 to $22.00 per sf, annually, depending on what part of the building is being leased. Bell notes that in conjunction with the Wolinsky deal, first-year quoted lease rate on the first floor of the structure is $22 per sf, plus electric.
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