WARREN, MI-Scion Investments, LLC, the real estate investment arm of Scion Steel, has purchased a 78,149-sf freestanding industrial building for $1.8 million, slightly down from the original asking price of $1.95 million.
Scion Steel, a division of Scion Inc., purchased the property as part of an expansion effort. "They're already in a couple of buildings in the area, and they're moving one of the operations into this one," says John Arthurs, of Grubb & Ellis Co.'s Detroit office. Arthurs, who is vice president of the industrial group, represented Scion in the transaction, while the seller, private Michigan-based investor Jason M. Horton, was represented by Signature/ONCOR's Detroit office.
Situated on approximately five acres and constructed in 1980, the facility is at 21555 Mullin Ave. Additionally, despite its age, the property won't require much in the way of renovations. "It's in real good condition, and doesn't need much changed," Arthurs tells GlobeSt.com. Scion Steel manufactures, sells and distributes wholesale steel-based products such as angles, channels, wide flange beams, hot-rolled bars, strips, rounds and squares.
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