Newmark Grubb Knight Frank (NGKF) is pleased to announce that Senior Managing Directors Geoff Hill and Dan Labes recently completed the sale of 32505 Industrial Drive in Madison Heights, Michigan on behalf of the property owner, First Industrial Realty Trust. The transaction was valued at $2.9 million.
“With the current vacancy rate in Madison Heights at an extremely low 2.4%, there is an obvious lack of quality real estate available,” said Hill. “Dan and I were able to capitalize on this, as 32505 Industrial Drive is an outstanding property, and use our resources and market knowledge to quickly consummate a buyer for the asset and bring maximum value for our client.”
32505 Industrial Drive is a single-story, industrial warehouse facility located 17 miles north of Detroit. The three-acre property features 40-foot column spacing, 156-car parking, buss duct, three dyno cell rooms and sits on a large fenced in lot. Situated off of 14 Mile Road and Dequindre Road, 32505 Industrial Drive offers easy access to I-75.
The property was sold to FCS Automotive to accommodate its expansion needs.
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 14,100 professionals operate from more than 400 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/.