The development is expected to cost between $70 million to $100 million, says Jon Savoy, the Grubb and Ellis broker for the land.Wixom, a city to the north, has led the Southeast Michigan market with new business and technology park developments. The city lies alongside the I-96 Corridor, a hot market right now for industrial and office development.
However, the city is losing available land fast, and developers are looking to move into nearby areas, Savoy tells GlobeSt.com.
"The area now has sewer, and there's a large amount of accumulated industrial property nearby. Lyon was just the next step," he adds.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
