{"id":1004735239,"date":"2024-10-31T04:42:01","date_gmt":"2024-10-31T12:42:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004735239"},"modified":"2024-10-31T05:58:19","modified_gmt":"2024-10-31T13:58:19","slug":"1-1-msf-detroit-industrial-asset-trades-for-140m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/","title":{"rendered":"Detroit Industrial Asset Drives $140M Deal"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Aerial<\/a>
The property features insulated precast concrete wall panels. Image courtesy of Colliers<\/em><\/figcaption><\/figure><\/div>\n\n\n

Four Springs TEN31 Xchange, a Delaware Statutory Trust, has purchased a 1.1 million-square-foot industrial asset in Monroe, Mich., for $139.5 million, according to S&P Global. FSXchange used $76.7 million in acquisition financing secured by Colliers. InSite Real Estate previously owned the asset that is fully leased to Ford Motor Co., CommercialEdge data shows.<\/p>\n\n\n\n

Four Springs launched the industrial DST offering at $157.2 million in August. At the time, the required equity amounted to $80.5 million and was suitable for Section 1031 Exchange or direct investment alike. <\/p>\n\n\n\n

The leverage ratio clocked in at 48.8 percent. The DST offering also included five five-year extension options and a 2 percent annual base rent increase. <\/p>\n\n\n\n

\n\n\n\n

READ ALSO<\/strong>: EV Battery Quest Super-Charges Demand for Sites, Facilities<\/a><\/p>\n\n\n\n

\n\n\n\n

InSite purchased the 97.8-acre development site and broke ground on the build-to-suit project two years ago. Completed this February, the facility features 36-foot clear heights, 100 loading doors\u2014expandable to 150\u2014and four grade-level doors, as well as 900 vehicle and 700 trailer and parking slots, respectively.<\/p>\n\n\n\n

Ford Motor Co. fully occupies the property under a triple-net, 10-year lease. Ford has invested more than $70 million in the facility to maximize operational efficiency, which consolidated several older facilities throughout the Midwest.   <\/p>\n\n\n\n

Ford will also use the facility to assemble and repackage vehicle parts. Additionally, the site includes an entitled lot that is shovel-ready for up to 450,000 square feet of future industrial and logistics development.<\/p>\n\n\n\n

Located at 14741 Laplaisance Road, the building is 40 miles southeast of downtown Detroit, having direct access to Interstate 75. Additionally, the facility is about 11 miles away from Ford\u2019s velocity parts distribution center, a 1 million-square-foot property in Newport, Mich., also developed by InSite.<\/p>\n\n\n\n

Colliers Executive Vice President Jeremy Thornton and Vice President Lauren Smyle, together with Senior Vice Presidents Nicole Sayers and Andrew Gibson, arranged the financing on behalf of the DST.<\/p>\n\n\n\n

Four Springs bullish on triple-net industrial<\/h2>\n\n\n\n

FSXchange is a subsidiary of Four Springs Capital Trust, a REIT that focuses on purchasing and managing single-tenant commercial properties including industrial, medical, office and retail assets with long-term, triple-net leases<\/a>.<\/p>\n\n\n\n

Last month, FSXchange fully subscribed its $150.5 million FSC Industrial Portfolio 27. The DST offering, which launched in April of last year, included an equity raise of $78.3 million and a 1031 debt placement of $72.2 million.<\/p>\n\n\n\n

The portfolio consisted of 22 fully leased industrial assets encompassing 1.3 million rentable square feet across 13 states. The tenant roster included Domino\u2019s, Columbia Gas and New York State Electric & Gas, among others.<\/p>\n\n\n\n

Motor City industrial investment hits the breaks<\/h2>\n\n\n\n

Metro Detroit plays a crucial role in the U.S. auto industry through its interstates and railways, as well as the Detroit Metropolitan Airport and The Port of Detroit. However, industrial investment in the Motor City was tepid during the first three quarters of the year, a CommercialEdge report<\/a> shows.<\/p>\n\n\n\n

Year-to-date through September, the total industrial sale volume<\/a> in Greater Detroit amounted to $226 million, the same source shows. Assets traded on average for $76 per square foot, nearly halving the national average of $130 per square foot.<\/p>\n\n\n\n

Several Midwestern markets fared better, such as Chicago and the Twin Cities, their respective industrial investment volumes clocking in at $2.1 billion and $862 million during the same period, the report reveals. Despite the higher sales totals, properties still traded below the national average in Chicago ($98 per square foot) and Twin Cities ($94 per square foot).<\/p>\n\n\n\n

Detroit\u2019s vacancy rate stood at 4.6 percent in September. The metro became the tightest industrial market in the Midwest, surpassing Columbus, Ohio (5.1 percent) and Kansas City, Mo. (5.2 percent), but also Chicago (7.8 percent) and Indianapolis (8.3 percent).<\/p>\n","protected":false},"excerpt":{"rendered":"

Ford Motor Co. fully occupies the property. <\/p>\n","protected":false},"author":3471,"featured_media":1004735240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21748,21783,13,21742],"tags":[35498,33350,33239],"class_list":["post-1004735239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-detroit","category-industrial","category-investment","category-midwest","category-latest","tag-colliers","tag-ford-motor-company","tag-triple-net-lease"],"acf":[],"yoast_head":"\nDetroit Industrial Asset Drives $140M Deal - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Four Springs TEN31 Xchange acquired a 1.1 million-square-foot asset in Monroe, Mich., for $139.5 million from InSite Real Estate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Detroit Industrial Asset Drives $140M Deal\" \/>\n<meta property=\"og:description\" content=\"Four Springs TEN31 Xchange acquired a 1.1 million-square-foot asset in Monroe, Mich., for $139.5 million from InSite Real Estate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-31T12:42:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-31T13:58:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Monroe-MI-Ford-15.2-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1776\" \/>\n\t<meta property=\"og:image:height\" content=\"1332\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Claudiu Tiganescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/\",\"name\":\"Detroit Industrial Asset Drives $140M Deal - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Monroe-MI-Ford-15.2-1.jpg\",\"datePublished\":\"2024-10-31T12:42:01+00:00\",\"dateModified\":\"2024-10-31T13:58:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66\"},\"description\":\"Four Springs TEN31 Xchange acquired a 1.1 million-square-foot asset in Monroe, Mich., for $139.5 million from InSite Real Estate.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Monroe-MI-Ford-15.2-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Monroe-MI-Ford-15.2-1.jpg\",\"width\":1776,\"height\":1332,\"caption\":\"The property features insulated precast concrete wall panels. Image courtesy of Colliers\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Detroit Industrial Asset Drives $140M Deal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66\",\"name\":\"Claudiu Tiganescu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54\",\"caption\":\"Claudiu Tiganescu\"},\"description\":\"Claudiu Tiganescu is an Associate Editor with Multi-Housing News and Commercial Property Executive. With a Bachelor's in English, a minor in Norwegian, and a Master's in linguistics, Claudiu is your go-to source for the latest commercial real estate news, particularly in the affordable, single-family rental, conversions and industrial sectors. You may reach him at claudiu.tiganescu@cpe-mhn.com\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/claudiu-tiganescu\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Detroit Industrial Asset Drives $140M Deal - Commercial Property Executive","description":"Four Springs TEN31 Xchange acquired a 1.1 million-square-foot asset in Monroe, Mich., for $139.5 million from InSite Real Estate.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/","og_locale":"en_US","og_type":"article","og_title":"Detroit Industrial Asset Drives $140M Deal","og_description":"Four Springs TEN31 Xchange acquired a 1.1 million-square-foot asset in Monroe, Mich., for $139.5 million from InSite Real Estate.","og_url":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2024-10-31T12:42:01+00:00","article_modified_time":"2024-10-31T13:58:19+00:00","og_image":[{"width":1776,"height":1332,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Monroe-MI-Ford-15.2-1.jpg","type":"image\/jpeg"}],"author":"Claudiu Tiganescu","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/","url":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/","name":"Detroit Industrial Asset Drives $140M Deal - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Monroe-MI-Ford-15.2-1.jpg","datePublished":"2024-10-31T12:42:01+00:00","dateModified":"2024-10-31T13:58:19+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66"},"description":"Four Springs TEN31 Xchange acquired a 1.1 million-square-foot asset in Monroe, Mich., for $139.5 million from InSite Real Estate.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Monroe-MI-Ford-15.2-1.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Monroe-MI-Ford-15.2-1.jpg","width":1776,"height":1332,"caption":"The property features insulated precast concrete wall panels. Image courtesy of Colliers"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/1-1-msf-detroit-industrial-asset-trades-for-140m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Detroit Industrial Asset Drives $140M Deal"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66","name":"Claudiu Tiganescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54","caption":"Claudiu Tiganescu"},"description":"Claudiu Tiganescu is an Associate Editor with Multi-Housing News and Commercial Property Executive. With a Bachelor's in English, a minor in Norwegian, and a Master's in linguistics, Claudiu is your go-to source for the latest commercial real estate news, particularly in the affordable, single-family rental, conversions and industrial sectors. You may reach him at claudiu.tiganescu@cpe-mhn.com","url":"https:\/\/www.commercialsearch.com\/news\/author\/claudiu-tiganescu\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Monroe-MI-Ford-15.2-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004735239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3471"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004735239"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004735239\/revisions"}],"predecessor-version":[{"id":1004735349,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004735239\/revisions\/1004735349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004735240"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004735239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004735239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004735239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}