June 28, 2022 9:30 AM
Newmark announces the sale of Aeroplex One and Two, a two-building, 600,000-square-foot industrial campus in the Detroit suburb of Romulus, Michigan. The assets traded from seller, Nemer Property Group, the original developer of the project, to buyer, Sealy & Company. Newmark Executive Managing Director Daniel Labes represented the seller.
Located at 10049 and 10401 Harrison Road, Aeroplex One and Two are twin Class A warehouse buildings measuring approximately 300,000 square feet each. Building features include six drive-in doors, 90 dock doors, 50’ by 50’ bay sizes, ESFR fire suppression and an abundance of car and trailer parking.
The buildings offer convenient access to Interstate 94 providing connection to Interstates 275, 96 and 75 to reach the entire Detroit metro area and beyond. The property is situated immediately adjacent to Detroit Metropolitan Airport, making it an ideal location for distribution users.
“With the unprecedented and still growing demand for warehouse space in the area, we received tremendous interest in this offering,” said Labes. “The location provides excellent highway and airport access, furthering its value to users and investors.”
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% today. In 2022, over 6.6 million square feet of new construction is scheduled to be completed, 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.
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