(Natalie Keith is a contributing writer to GlobeSt.com.)

ROSEVILLE, MI-In a promising sign for the industrial market in Macomb County, 69,445-sf of industrial space was sold to Elliott Real Estate LLC. The property, located at 27711-27733 Groesbeck, was owned by AJJ Groesbeck LLC. Mike Davidson, of Grubb & Ellis' industrial group, represented both the buyer and seller in the transaction.

With more than 71 million sf of industrial space, Macomb County is one of the largest industrial markets in the metropolitan Detroit area. However, the county experienced negative net absorption of 450 sf during 2005 despite experiencing 117,000 sf of absorption in the fourth quarter. The bulk of the absorption was attributed to automotive seating and interior components supplier Faurecia North America's expansion of 77,000 sf in Sterling Heights, according to a Grubb & Ellis industrial market report for year end 2005.

With 6.5 million sf of vacant space, the vacancy rate at the end of the year was 9%. Average asking rents were $4.86 per sf for general/manufacturing space, $4.27 per sf for warehouse/distribution space and $8.79 per sf for research & development/flex space, the report states. On a positive note, absorption in the country appeared to keep pace with the amount of new available properties for sale or lease during 2005, the report notes.