Morning Calm Management Buys $84M Detroit Industrial Portfolio
- May 23, 2019
Morning Calm Management has added to its portfolio with the purchase of a 1.5 million-square-foot industrial portfolio in the Detroit area from Promanas Group for $83.7 million.
The nine properties are located in the suburban areas of Livonia, Auburn Hills, Redford, Saline, Lake Orion and Macomb Township. The deal marks the fourth acquisition by Morning Calm in the Detroit area over the past year, according to NKF, as the firm has focused on growing its footprint in the metro. Morning Calm most recently sold an office campus in Fort Lauderdale, Fla., to YMP Real Estate Management for $29.3 million.
A Newmark Knight Frank team of Executive Managing Director Dan Labes and Senior Managing Director Tom Oldham arranged the deal on behalf of the buyer.
The industrial real estate sector has continued to show its strength over the past couple of years, as e-commerce growth and consumer spending increase. The most recent data suggests that industrial supply is finally catching up with demand, as the availability rate of industrial space in the U.S. hit 7 percent in the first quarter of this year.