"This was a success on many levels," says Grubb SVP Chris Dowell. "We were able to bring together diverse parties to sell an automotive manufacturing facility in a tough market. It's also a win for Michigan – this is the buyer's first investment in the state, indicating that some investors see long-term potential here."
Grubb & Ellis executives tell GlobeSt.com, TRW Integrated Chassis Systems LLC leases 682,000 square feet in the facility, located at 2328 E. Genesee. Dowell is exclusively marketing the remaining 230,000 square feet.
Dowell with colleagues Geoff Hill, AVP, and Patrick Shannon, VP, represented both the buyer and seller.
A previous article in Aftermarket News reports in November a judge agreed to the facility sale, in part to keep jobs in the area. As part of the deal, TRW would lease a majority of the building and purchase the machinery, inventory and contracts for braking systems for $42.6 million.
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