FERNDALE, MI-Detroit Pump and Manufacturing Co. has fueled its expansion by signing a 16,100-sf long-term lease for relocation in a 55,000-sf multitenant property.

The company will relocate to its new space, located at 450 Fair St., during Q2 2006, says Jack Williams, executive vice president of Colliers International's Southfield office, who represented the landlord, Detroit's Larry Holman, in the transaction. Paul Saad from Signature Associates-ONCOR International's Southfield office represented the tenant in the transaction.

"The space won't be ready for another four months or so, and the move-in is scheduled sometime in March of '06," Williams tells GlobeSt.com. The company will move from its current location at 18943 John R. St. in Detroit.

He adds that the lease was signed for slightly above the quoted rate of $3.50 per sf gross, as the tenant build-out includes 4,800 sf of office space and a truckwell.

The property, which is 50 years old, was renovated during the past year and half, with the addition of new electrical and HVAC, and a new roof. "The building was gutted and redone," adds Williams. "I helped the landlord buy the building, we closed on it about a year ago, and after he got it, he renovated it." Williams adds that one 18,000-sf lease remains available on the property.