Newmark is pleased to announce that Tom Oldham, senior managing director in the company’s Detroit office, recently completed multiple industrial sales in excess of 350,000 square feet. All of the transactions were completed during third quarter 2017.
“The Metro-Detroit industrial market is strong,” said Oldham. “By using our resources within Newmark, along with our market knowledge, we were able to assist our clients in navigating the tight market and create solutions that best fit each of their specific needs.”
In the first transaction, Oldham arranged the successful purchase of 11800 Sears in Livonia, Michigan, a 99,937-square-foot industrial warehouse. Oldham represented the buyer, Sears Drive Properties, LLC, in the off-market, $4,600,000 acquisition. FR Sears Drive, LLC was the seller.
Oldham also successfully arranged the off-market sale of 35901 Veronica, a 92,000-square-foot warehouse facility in Livonia. Oldham represented the buyer, CMS Michigan, LLC, in the transaction valued at $4,775,000. The seller, Twin Kids, LLC, was self-represented. Oldham stated, “In searching for a large warehouse facility in such a tight market, we had to explore off-market opportunities. 35901 Veronica had a tenant wanting to vacate prior to their lease expiration. We went straight to the owner to negotiate a sale which allowed the tenant to vacate early and give CMS Michigan, LLC the opportunity to fulfil their long-term warehousing needs.”
The sale of 12841 Stark in Livonia was also successfully arranged by Oldham along with Newmark Executive Managing Director Dan Labes. Oldham and Labes represented the seller, DTE, LLC in its disposition of the asset. The 85,000-square-foot facility was sold to 12841 Stark Road, LLC for $3,196,500.
Lastly, Oldham represented the seller, Brammmco, L.L.C., in the disposition of two warehouses, 12190 and 12200 Sears in Livonia. The facilities, 31,500 square feet and 42,000 square feet respectively, were sold to Detroit Rising, LP for $2,790,000.
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, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
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