Phil Konopitski with Friedman Real Estate Group tells GlobeSt.com that the tenant, which develops, manufactures, markets and distributes generic drugs, will use the property for the first year as a warehouse. "They're installing air conditioning to keep lab 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 of this 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 and 24-foot clear heights, Konopitski says. The asking rate was $5.95 per sf, but he says he was able to negotiate a lower amount due to the market. "The local market is pretty active; Wixom and Novi seem to hold their own in terms of activity. There's not gang-busters of activity there, but then, no one is doing that in Southeast Michigan." The southern Oakland County submarket is still doing well, garnering near the top for lease rates, though it is about 13% vacant.
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