Friedman Inks 528 KSF Industrial Lease in Metro Detroit

Pinnacle Logistics Park is now fully leased. Image courtesy of Friedman Real Estate

DTE Energy has signed a 528,340-square-foot lease at Pinnacle Logistics Park in Redford, Mich. CBRE negotiated on behalf of the tenant, which will use the property for equipment storage. Friedman Real Estate is the owner of the 826,240-square-foot industrial facility since 2004, according to CommercialEdge. The landlord was represented in house by Jared Friedman.

The deal brought the property to full occupancy. The tenant roster also includes Judson Center and Piston Automotive, the same data provider reveals.

Located at 12723 Telegraph Road and 24500 Glendale Road within Detroit’s Livonia submarket, the industrial facility features 12 drive-in doors, 39 dock-high doors, clear heights between 16 and 24 feet, a 12,000-square-foot office component, trailer storage and 413 vehicle parking spots. The property is also rail served, with four interior docks.

Situated on an approximately 48-acre lot, the distribution facility is close to Interstate 96 and U.S. Route 24, while being 12 miles from Farmington Hills, Mich., and from Detroit Metropolitan Wayne County Airport. The property is 14 miles from CSX Intermodal Terminal, 15 miles from Detroit and within 23 miles of Warren, Mich.

Recent deals in Detroit

All Midwestern markets recorded asking rents below the national average of $7.33 per square foot as of June, according to a recent CommercialEdge report. Twin Cities and Detroit were closest to the national figure, with asking rents of $6.50 and $6.66 per square foot, respectively. Detroit recorded one of the lowest vacancy rates in the Midwest, reaching 4.0 percent.

Earlier this year, Gladstone Commercial Corp. signed a five-year extension with Yanfeng International Automotive Technology in Monroe, Mich. The tenant will continue to fully occupy a 220,500-square-foot, Class A industrial property until 2028. Another recent deal includes Industrial Realty Corp’s inking of a 113,742-square-foot, long-term lease at Pontiac Centerpoint Campus West in Pontiac, Mich.