Larson had previously purchased an adjacent 25-acre property consisting ofthree single-story industrial buildings with a leaseable area of 125,000 sf. The new purchase, by Warren Institutional Investors, adds 14.3acres of land suitable for an additional 250,000 sf of industrialor technical development.
The transaction combines both properties under the new partnership, creatinga development opportunity of approximately 400,000 sf within the40-acre park.The property, a redevelopment of the former Warren tank plant which operatesas Warren Industrial Park, is situated near the intersection of Van DykeRoad and I-696.
The area remains home to the U.S. Army-Tank Automotive and Armaments Command(TACOM) - a maker of military products - as well as the General MotorsTechnical Center and plants operated by General Dynamics, DaimlerChrysler,and several auto suppliers.Larson manages the Warren Industrial Park and will lead immediatedevelopment of 150,000 sf of new industrial space on the site. Thethree existing buildings are approximately 80% leased to two majortenants: General Motors Corp. and Detroit Testing Laboratory.
The BUILD fund focuses on locally developed real estate projects which adddiversity to the typically national orientation of a pension fund portfolio.Pension funds of labor unions are participants in the BUILD fund.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.