Brose North America has signed a lease for 96,250 sf, and Oakley Industries will take 137,650 sf, in moves that will require the expansion of the building. "Macy's moved out and tried to lease and sell the building for no success for about a year," says Tom Schoenberger, regional real estate director for Welsh. "This was a value-add buy, we started the purchase process and the local market picked up enough that we were able to get these two tenants." He would not reveal the exact leasing price, but said the lease rate is close to between $4.50 and $5 per sf.

Schoenberger tells GlobeSt.com that his company mostly concentrates its Detroit-area holdings around the airport in Romulus. "The industrial market there is surprisingly steady, given the economy," he says. "Newer big box buildings near the airport have less than 9% vacancy, and last year we had more than 60 deals over 60,000 sf." He says he's working on leasing up a 296,000-sf spec building that Welsh is building at Romulus and Cogswell roads. Wayne County, where Romulus is located, has been offering generous tax incentives of a 50% tax abatement for five years. "There's been very strong activity, there's not that many spec buildings going up around there. We should be complete by Nov. 1 with the Aerotropolis Business Center."