Newmark is pleased to announce that the firm successfully advised Morning Calm Management on the $83.7 million acquisition of a nine-property industrial portfolio in Metro Detroit. Newmark Executive Managing Director Dan Labes and Senior Managing Director Tom Oldham oversaw the transaction. The portfolio was sold by Promanas Group.
Totaling approximately 1.5 million square feet, the portfolio comprises nine industrial assets located in the Detroit suburbs of Livonia, Auburn Hills, Redford, Saline, Lake Orion and Macomb Township.
“This portfolio was a unique option for Morning Calm Management, not only because of the total square footage across just nine buildings, but also because it met its investment criteria and allowed them to continue to build a significant industrial presence in the Metro Detroit market. We are excited to have assisted Morning Calm with this acquisition,” said Oldham.
Morning Calm Management has been growing its footprint in the Detroit MSA over the past 12 months, having closed on three transactions prior to the Promanas portfolio acquisition.
“We remain constructive on Detroit as a whole and especially on the industrial real estate market. The industrial market’s supply and demand fundamentals are favorable and advances in robotics, artificial intelligence and clean technology, just to name a few, will more significantly be manifested in many of the industries that serve as economic engines in the greater MSA,” added Morning Calm Management CEO and Managing Principal Mukang Cho. “We believe these drivers will have a disproportionate benefit to a handful of markets, including Detroit.”
About Morning Calm Management
Morning Calm Management is a vertically integrated real estate investment and management firm which owns and operates commercial real estate on behalf of private and institutional capital. Through its affiliates, the firm owns and manages approximately five million square feet of properties throughout the United States.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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