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MADISON HEIGHTS, MI-Ionbond LLC takes possession of an industrial freestanding property through the signing of a five-year, 36,767-sf lease, with renewal options. The thin-film coating manufacturer, with its headquarters in Switzerland, is relocating its US branch to larger space.

Ionbond's new location, at 1823 E. Whitcomb, is a recently completed spec building, which Ionbond built-out further. "They have a very large office requirement in comparison to total shop-space necessary," says Ralph Steinbrink, associate broker with Colliers International's Southfield office, who brokered the transaction on behalf of the tenant. "They needed specific operations, including labs, so it worked out best for them to have this finished to suit."

Properties in the area--mostly office space--typically lease for $6.50 per sf, triple net. The lease rate or build-out costs of the Ionbond transaction could not be obtained by press time. Ionbond will relocate from 1598 E. Lincoln Ave., and plans call for the company to take possession of the space within the next month.