ROMULUS, MI-WelshInvest has purchased five industrial buildings in Michigan to add to its $1.2-billion portfolio. With this 1.4-million-sf pickup, the company now has more than 17 million sf of property currently owned in the Midwest and the Southeast.
The company bought the portfolio from Liberty Property Trust. Three of the properties are in Romulus, and were developed by Liberty. These are 6505 Cogswell, 7525 Cogswell and 38100 Ecorse. The other two properties were developed by Opus, and are at 41133 Van Born and 41199 Van Born. Also included in the deal is a 21.6-acre parcel of land in Romulus for future development. Ben Applebaum with Welsh Cos. says the company will try a build-to-suit facility on the property. "That's if we can find a tenant, or we'll consider building speculative," he says.
Applebaum says the properties are 93% occupied with two vacancies. "About 45,000 sf in each of two buildings are vacant," Applebaum tells GlobeSt.com. "The average market rent for the buildings is $4.50 to $4.75 per sf. The current submarket vacancy is sub 5% on similar quality assets."
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