Foreign Auto Supplier Snags Industrial Warehouse near Motor City
- Mar 08, 2016
Southfield, Mich.—The Detroit office of Newmark Grubb Knight Frank (NGKF) ended the month of February on a high note with a notable transaction brokered on behalf of ElringKlinger Automotive Manufacturing, a German auto parts supplier with offices in the U.S.
An NGKF team led by Director Tom Oldham completed the sale of the former Staples fulfillment center located at 23300 Northwestern Highway in Southfield, Mich. According to REBusiness Online, the industrial warehouse was purchased by STAG Industrial for $8.4 million.
Oldham also assisted the buyer with overcoming the zoning challenges, as the original zoning did not allow for manufacturing uses. The acquisition is part of ElringKlinger’s plans to consolidate its two locations in the Michigan—one in Warren and one in Plymouth—and expand its presence in the U.S.
Conveniently situated on 10.73 acres with direct access along Southfield Road and Northwestern Highway, the 116,389-square-foot industrial facility was completed in 2006. Staples, formerly a tenant in the building, vacated in early 2015 and put the building on the market for sublease. However, after touring the facility and evaluating the market, ElringKlinger decided to purchase the asset along with 5.41 acres of adjacent vacant land.
The new owner will take occupancy of the newly acquired warehouse in the first quarter of this year.
Aerial view via Google Maps