Detroit Industrials Ready to Take Off

DETROIT—Industrial properties in the Detroit area have seen a lot of leasing activity recently, and out-of-town investors are definitely paying attention. New York-based Time Equities Inc. recently bought Airport Park, a 670,000 square foot industrial complex adjacent to Detroit Metro Airport in suburban Romulus, from First Industrial Realty Trust, Inc., and has just brought on JLL to handle leasing duties. Properties change hands all the time, but these moves may portend a significant shift in the market.

“This property is a bellwether of sorts for the industrial market around the airport,” JLL managing director Larry Emmons tells GlobeSt.com, as it contains a broad sampling of about 60 tenants in 23 buildings. “We have got tenants that you have never heard of, but we also have United Parcel Service.” He handled the sale for First Industrial and will spearhead the new leasing effort while senior vice president John Cullen will oversee property management.