Newmark Grubb Knight Frank (NGKF) is pleased to announce that Detroit Director Tom Oldham recently completed the purchase of the 116,389-square-foot building at 23300 Northwestern Highway in Southfield, Michigan on behalf of the buyer, ElringKlinger Automotive Manufacturing, Inc. (ElringKlinger).
Built in 2006, 23300 Northwestern Highway is an 116,389-square-foot industrial facility situated on 10.73 acres. Formerly a Staples fulfillment warehouse, the property is ideally located with direct frontage access along Southfield Road and Northwestern Highway. Staples, formerly a tenant in the building, vacated in early 2015 and put the building on the market for sublease. With a desire to consolidate two locations and expand their presence in the United Stated, ElringKlinger, a German automotive manufacturer and supplier, hired NGKF to assist with its site selection analysis. Oldham ultimately helped ElringKlinger secure the property on Northwestern Highway due to its centralized location and available square footage. He also assisted his client with overcoming the zoning challenges, as the original zoning did not allow for manufacturing.
“Originally 23300 Northwestern Highway was not being marketed for sale, only for sublease,” said Oldham. “After evaluating the market and touring this facility with ElringKlinger multiple times, they decided they wanted to own the building. At that point we engaged directly with the ownership and structured a transaction to allow ElringKlinger to purchase the site, along with 5.41 acres of adjacent vacant land. Simultaneously, we engaged the city of Southfield to help create a zoning that would allow ElringKlinger to do manufacturing in that facility.” The deal also required Staples to terminate their remaining lease obligation so that ElringKlinger could take possession of the property at closing.
“We are pleased to have assisted ElringKlinger Automotive Manufacturing in streamlining and expanding its United States operations into such a first-class facility. I’m excited to see how its presence in this Southfield business district will positively impact the surrounding community.”
ElringKlinger will take occupancy of the property in the first quarter of 2016.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.