ROMULUS, MI-Fastenal Co. is making the move to a new location with the signing of a short-term, 5,600-sf lease. Move-in is scheduled during the next 30 days. The company, which sells industrial parts to construction contractors nationwide, and which has an extensive distribution network, required both more space and more visibility for its purposes, which prompted the eventual signing at the multitenant property, located at 28777 Goddard Rd.
The company is currently located at 7900 Beech-Daly Rd. in Taylor. "They're upgrading to main road frontage," explains Larry Balone, industrial associate at Insite Commercial Group in Detroit. Balone, who represented the tenant in the transaction, tells GlobeSt.com that Fastenal had looked at several properties before choosing the current one, which offered the ideal frontage and exposure. "This was already white-boxed for them," he adds. "They needed something wide open, where they could just move in and set up shop with no need for improvements."
The space will be used for warehouse and distribution purposes. The quoted rate of the property, built in 1998, is $6.50 per sf gross, annually, and Balone notes that no TIs were required as part of the deal, and Fastenal took the space as is. The class B building is 56,000 sf, and this transaction pushes the occupancy to 100%.
Paul E. Burger at Burger Easton & Co. in Farmington Hills represented the landlord, Detroit-based Rey Investments No. 1, LLC, in the transaction.
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