ROMULUS, MI-The state has approved a 15-year, 75.26- acre Renaissance Zone in the city that will be home to A123 Systems’ lithium-ion battery manufacturing facility. The Watertown, MA-based company will lease 300,000 square feet in an existing property for the company’s North American coating operations. The project is expected to create up to 370 jobs and generate $131 million in private investment.
“We’re well on our way to becoming the advanced battery capital of North America and a global center for clean energy manufacturing,” said Gov. Jennifer Granholm in a statement. “Clean energy companies are choosing to do business in Michigan because of our competitive business climate, tremendous workforce and comprehensive economic development programs.”
A Renaissance Zone allows a company operating within the zone to operate free of virtually all state and local taxes over the life of the designation. The state program program is administered by the Michigan Economic Development Corp. This deal was arranged with the owners of the property: Welsh Romulus LLC, BPE Exchange LLC, BPW Exchange LLC and Welsh Romulus Development LLC.
A state spokeswoman tells GlobeSt.com that the company expects to begin manufacturing by the end of the year. The firm already manufactures cells in 300,000 square feet in Livonia, and has 400,000 square feet of manufacturing facilities in Massachusetts, Korea and China.
“This expansion in Michigan is a critical part of A123’s commitment to build world-class lithium ion battery manufacturing in the United States,” said David Vieau, president and CEO of the company, in a statement. According to a company SEC filing, the firm believes that lithium ion-powered vehicles will represent almost 70% of all vehicles sold by 2013.
JACKSON, MI-Hendricks & Partners arranged the sale of Alpine Lake, at 665 North Alpine Lake Dr. The 268-unit apartment community was sold for $4.6 million. The apartments were constructed in 1988 and are situated on 14.43 acres. There are 34 buildings surrounding a central lake and the property is adjacent to a 500-acre recreational park with a public pool and 18-hole golf course. Each apartment features an individual entrance and contemporary floor plans. The seller was Wells Fargo Bank. The buyer was Alpine Lake LLC, a Michigan limited liability company of Royal Oak, MI. The Buyer obtained new financing at closing from a regional credit union. Kevin P. Dillon and Cary Scott Belovicz negotiated the transaction.
NORTHVILLE, MI- Friedman Real Estate Group Inc. recently negotiated the lease renewal and expansion for 3,290 square feet of office space at Farmington Hills Corporate Center I, 21800 Haggerty Rd. The landlord, FHCC-I Associates LLC, leased the space to Traveling Teams Inc., which was founded to help busy parents and coaches find available hotel rooms at the right price. Glenn N. DesRosiers, VP, represented the landlord in this transaction. SOUTHFIELD, MI-Newmark Knight Frank recently negotiated the lease renewal of 15,040 square feet of office at 4000 Town Center on behalf of the tenant, Collins, Einhorn, Farrell & Ulanoff PC. Steve Morris, executive managing director and principal, negotiated the lease on behalf of the tenant in this transaction.
VERNON HILLS, IL-CB Richard Ellis’ Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham represented Focus Products Group in the sublease of 133,000 square feet at 100-130 Lakeview Pkwy. to Hyper Microsystems. The distributor and manufacturer of computer storage devices will take occupancy of the entire building this summer. Hyper’s new space is an expansion of its other two locations in Buffalo Grove. The building was built in 1999 and is situated on 6.40 acres in the Continental Executive Park. Eric Fischer with NAI Hiffman represented Hyper in the sublease transaction.
CHICAGO-Berkley Properties LLC has completed its $72.2 million purchase of 180 North LaSalle St. from Prime Group Realty Trust. The building, at the corner of Lake and LaSalle Streets in the heart of Chicago’s central business district, includes 770,191 rentable square feet in 38 stories. The building is currently anchored by Chicago-based consulting firm Accenture and advertising holding company Publicis, based in Paris. A complete renovation of the building’s lobby and three story fa
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