(To read more on the net lease market, click here.)

FARMINGTON HILLS, MI-Liberty Property Trust's Detroit-based office has signed five leases at its 250,000-sf Technology Park, following a $1-million renovation on 30,000 sf of the property.

"The space had been vacated by a company about two years ago, that moved out and into their own facility," comments Joe Trinkle, vice president and city manager for Liberty. "Because it had a specialized build-out for that company, it was difficult to lease."

Liberty's solution, Trinkle tells GlobeSt.com was to totally rehabilitate the space, which is located on Haggerty Road. "We gutted it out, opened the walls, and one right after the other, were able to lease it," he says.

The tenants are Magnum Consulting, which took on 3,128 sf; ITI Inc., which signed for 2,475 sf; Warner, Cantrell & Padmos, which renewed its lease for 2,876 sf; and Radian Communications Services Inc. which also renewed its space of 1,625 sf. VI Engineering, a new tenant, took on the remainder of the space. Barbara Eaton of Equus Corp. represented ITI and VI Engineering, while Warner, Cantrell, Radian and Magnum Consulting were self-represented. All the leases average approximately five years, Trinkle says.

The quoted rate per sf for the space is $12.50, triple net, and Trinkle indicates that the tenant mix includes R&D and technology companies. "It's a diverse group of businesses," he adds. "There are a lot of companies from oversees, and a lot of different types of companies here." Technology Park, along with its sister property, the 250,000 sf West Tech Park, are situated on 20 acres, with the occupancy rate at 95% across both properties.

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Tenants Sign 30,000 SF in Leases at LPT's Technology Park

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