(To read more on the net lease market, click here.)
(Natalie Keith is a contributing writer to GlobeSt.com.)
TAYLOR, MI-Bulkmatic Transportation Co. will move into a 7,200-sf build-to-suit facility this summer after signing for 7,200-sf on a 3.14-acre lot at 9450 Pelham Rd.
Randall Allman, vice president of the Grubb & Ellis Co.'s industrial group, tells GlobeSt.com that the building will serve as a maintenance facility for Bulkmatic's Southeast Detroit operations. The Griffith, IN-based dry bulk transportation company has 39 facilities in 17 states and was looking to expand its operations in the Detroit area.
The company signed a five-year lease for the deal at $13.30 per sf. Grubb & Ellis represented both the landlord and tenant in the transaction. "The site plan was pre-approved to a large extent," Allman says "They should be breaking ground on the facility soon." Bulkmatic is expected to begin occupying the space in July.
The Bulkmatic facility is not the only space under construction in Southern Wayne County, according to a fourth quarter 2005 industrial market report issued by Grubb & Ellis. Three facilities were under construction during the quarter, including Kojaian Properties which started construction on twin, 219,000-sf distribution centers in Van Buren. In Romulus, First Industrial was completing construction of a 302,000-sf facility and Liberty Property Trust is finishing construction on a 424,000-sf facility, according to the report.
In Southern Wayne County, average rents during the quarter were $12.17 per sf for research and development/flex space, $4.32 for warehouse/distribution space and $3.29 for general/manufacturing space, according to information provided by Grubb.
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