Industrial

The deal, inclusive of assumed debt, calculated out to an initial cap rate of 7.5% and an average GAAP cap rate of 8% and brings the company's portfolio in the Detroit area to a total approaching 1 million square feet.

"This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle,” says Brodie Ruland, ASB senior vice president and Northeast region head.

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Most in industrial development expect continued growth in e-commerce, but the market for Sheldon Distribution Center is likely to be very traditional users of distribution space such as building suppliers.

One of the largest city expenditures will be $60 million from the School Construction Authority that is earmarked for the construction of a new school in the Court Square area.

The building is already fully leased to four tenants.