June 28, 2022 11:30 AM
Newmark announces a 741,923-square-foot industrial lease with an undisclosed tenant at Wixom Assembly Park, a two-phase, five-building, 1.6-million-square-foot industrial park in the Detroit suburb of Wixom, Michigan. Newmark Vice Chairman Mark Long and Executive Managing Directors Dan Labes and David Giltner serve as exclusive leasing advisors for the project, and represented asset owner, Flint Development, in the transaction.
“We have had strong leasing momentum at Wixom Assembly Park, with two out of the five buildings having been delivered and now fully leased,” said Labes. “This is a testament to the unprecedented and still growing demand for bulk warehouse product in this market.”
Wixom Assembly Park features five buildings, built in two phases—Buildings A and B have delivered; with Buildings C, D and E being slated for delivery in the first quarter of 2023—totaling more than 1.6 million square feet. The park can accommodate tenants 50,000 square feet and larger. Each building offers multiple loading docks and plentiful car and trailer parking. Permitted uses include warehouse, distribution, logistics, light industrial and assembly.
The recent lease was for Building A—the largest within the park—which features up to 160 dock doors, four drive-in doors, 36-foot clear height, 50- by 52-foot column spacing, LED lighting, ESFR sprinklers and parking for 516 cars and 513 trailers. The building is situated in a prime location with immediate access to Interstate 96 at Wixom Road.
Metro Detroit’s industrial market continues to see strong demand, according to Newmark Research. During the first quarter of 2022, just over 876,000 square feet was absorbed, pushing the vacancy rate down 10 basis points over the quarter to 3.9%. While the state has rebounded in terms of employment, corporate profitability and tax revenue following Covid-19 shutdowns, the Metro Detroit Industrial market has been a mainstay. Since 2012, over 64 million square feet of industrial space has been absorbed, with 28 million of that total coming from new construction. Demand has spurred scarcity and new development; however, new supply has barely kept up with demand, as the overall vacancy rate has gone from 12.0% in 2012 to 3.9% as of the first quarter of 2022. Over 6.6 million square feet of new construction is scheduled to be completed in 2022, with nearly 90% being bulk warehouse product.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.