(Read more on the industrial market.)
BROWNSTOWN TOWNSHIP, MI-Two companies have leased more than 500,000 sf of space in two industrial buildings here in the Brownstown Business Center from landlord Ashley Capital, which owns 2.6 million sf in four buildings in the park. Ceva Logistics US Inc. leased 366,844 sf in Building Nine and C-Mac Transportation leased 136,866 sf in Building Six.
Ceva, a global logistics company, plans to use the space to fulfill an ongoing automotive contract, says Randall Allman of CB Richard Ellis Detroit. Building Nine is 680,000 sf total, and Ceva grabbed the last available space for its three-year lease, Allman tells GlobeSt.com. He and Lauren Scarpace represented the tenant in the transaction.
C-Mac, also a logistics company, plans to use the space for light assembly and warehousing. Ashley completed the 260,000-sf Building Six as a build-to-suit once C-Mac signed a seven-year lease, Allman says. “The tenant as the right to expand into the space, but right now we're actively marketing the property,” he says.
Allman says the area as a light manufacturing market is doing fairly well, as it is a heavy manufacturing base for automotive stamping plants such as Mazda, Ford and Chrysler. “These properties are of the new warehouse type, with 30-foot clear ceilings and other modern amenities. It's a lot different from the other industrial markets in the Detroit area of I-75, I-94 and I-275,”Allman says.
Though the Detroit area has had problems with vacancy, there is only 390,000 sf available in the 2.6-million-sf center, Allman says. “There's not much available in this center, though there could be some turnover in the next six to eight months as some space comes on the market. There's also 90,000 [sf] of subleased space here.” He says the lease rate for the buildings are between $4.50 and $4.75 per sf. Allman was joined by Peter Rogers in representing the tenant.
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