Etkin Takes Control of Suburban Locations

A 35,000-sf build-to-suit is going up in Southfield for Telcom Credit Union on the corner of 12 Mile and Cabaret Street, says James Ketai, a principal at Etkin. There is also another build-to-suit facility planned, a 43,000-sf building, but no tenant has been found yet.

"There's also been talks of a hotel also on the site, but nothing has been confirmed yet. The only thing we know for sure is the Telcom building," Ketai tells GlobeSt.com. "We're looking for tenants willing to make some good deals."

Meanwhile, the Gateway Building here was bought by Etkin in December. The 174,392-sf building at 12 Mile and Farmington roads was purchased from the Archon Group L.P. of Irving, TX; a subsidiary of The Goldman Sachs Group securities company. Ketai said he could not reveal the sale price.

The brick, three-story building includes an 8,000-sf atrium lobby.

"It has a great location, near I-696. It's very similar to the holdings we have now," Ketai says. "It's definitely a class-A building, and because of its location and quality, we think it will do OK."

He says his company plans to spruce up the office building, like fixing the roof and perform elevator repairs, for about $500,000.

"We want to create some value, and hold the building on a long-term basis," Ketai tells GlobeSt.com.

Currently, the asking rent varies depending on the size and type of use in the building, but averages around $22.50 gross. The 15-year-old building is currently 92% leased, Ketai says. He adds tenants include Electronic Data Systems, Allied Signal and MassMutual Life Insurance.

In the nearby area, Ketai notes his company also controls the Westridge Office Center, at more than 89,000-sf, off of Eight Mile Road; as well as the 60,670-sf Halsted Office Building at Halsted and 12 Mile roads.