February 2, 2022 10:30 AM
Newmark announces it has completed a 102,377-square-foot industrial lease with Trigo Quality Solutions, Inc. at 2430 East Walton Boulevard in Auburn Hills, Michigan. Newmark Executive Managing Director Geoff Hill and Associate Chris Hill represented the new owner and landlord, Frain Cooper Holdings, LLC in the transaction. The landlord purchased the 125,063-square-foot industrial building via a partial sale-leaseback with Norma Group. The Newmark team was able to secure a deal with Trigo Quality Solutions to bring the total building occupancy to 100% upon closing.
“With very limited supply of available industrial properties in the market, and cost of new construction up 40%, demand has been outpacing supply,” said Geoff Hill. “We were able to leverage the strong market conditions in order to backfill the space upon the sale closing.”
Anthony Rubino of Pilot Property Group represented the tenant, Trigo Quality Solutions, in the transaction. The company will use the space for sequence and warehousing, to fulfill client needs. Norma Group will remain in the building in 22,686 square feet of office and lab space.
According to Newmark Research, the Metro Detroit industrial market vacancy rate fell 20 basis points to 4.0% during the fourth quarter of 2021 as just over 2.8 million square feet was absorbed, for a total of 7.5 million square feet of net absorption in 2021, a level not seen since 2017.
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 in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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