Newmark is pleased to announce that Senior Managing Directors Christopher Dowell and Jack Coury in the firm’s Detroit office, recently completed a 43,400-square-foot industrial build-to-suit lease, with option to purchase, at 37641 Mound Road in Sterling Heights, Michigan. Dowell and Coury represented the tenant, Mor-Tech Design and land owner/builder, Kemp & Sherman in the transaction.
Owners of the vacant land, Kemp & Sherman held the site for several years, while the industrial market continued to gain momentum and strength. Ready to move forward on a transaction, the firm asked Dowell and Coury to source a tenant for a potential build-to-suit. Situated on 2.28 acres of land zoned for technical, research and office development (T/R/O), the surrounding area is well-suited to light industrial users, but also adjacent to a new residential development making marketing of the land more complex.
Dowell and Coury, with 50 plus years of combined knowledge and market insight between them, assembled a list of users in the area meeting a set of three criteria: 1) in a growth mode, 2) had an impending lease expiration, 3) met the City of Sterling Heights’ stringent zoning definition of a T/R/O company. As a result of extensive data collection and analysis, the team identified Mor-Tech Design as one of only a few potential users.
“Having worked with Mor-Tech Design previously, we knew they were operating in three different facilities in the area and would benefit in the long-run from a consolidation,” said Dowell. “They were initially reluctant to the idea; however, we were able to demonstrate the tremendous benefits of a consolidation, as well as the possibility of a tax abatement, making the opportunity one worth considering.”
Mor-Tech Design ultimately signed a lease, with an option to purchase, for the 43,400-square-foot build-to-suit property. The firm will consolidate its three current facilities located in Sterling Heights into one central location in the same municipality.
Dave Clark, owner and president of Mor-Tech commented, “When Newmark came to us with this idea to consolidate, we said we were content working from three separate buildings. We thanked them and figured we’d be done. However Chris and Jack were determined, constantly providing compelling analysis and information, and eventually making us rethink think our entire operation and growth plan.”
The new build-to-suit property will feature main road exposure, room for growth and two-story offices all under one roof. Construction is scheduled to begin in late fall of this year with a completion of summer 2018.
“Dowell and Coury used their laser focus, attention to detail, salesmanship and knowledge of market to deliver to us exactly what we asked,” said Eddie Sherman, owner of Kemp & Sherman. “We could not be happier with the deal that was consummated and we look forward to working with them again as soon as possible.”
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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.
Newmark 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/.