Phil Konopitski with Friedman Real Estate Group tellsGlobeSt.com that the tenant, which develops, manufactures, marketsand distributes generic drugs, will use the property for the firstyear as a warehouse. "They're installing air conditioning to keeplab specimens cold," he says. "After the first year, though,they're looking to move in manufacturing and laboratory space.They've got a packaging facility in Farmington Hills to the east ofthis building, and this location helps the packaging plant."Konopitski represented Caraco in the lease.

The building includes 12,000 sf of office, four truck levels and24-foot clear heights, Konopitski says. The asking rate was $5.95per sf, but he says he was able to negotiate a lower amount due tothe market. "The local market is pretty active; Wixom and Novi seemto hold their own in terms of activity. There's not gang-busters ofactivity there, but then, no one is doing that in SoutheastMichigan." The southern Oakland County submarket is still doingwell, garnering near the top for lease rates, though it is about13% vacant.