"The first development should be finished by spring, and anotheridentical building will be started in the summer," he says. Theprice for the complex is about $20 million. It's the company'ssecond entry into the market.
"We came out four years ago for a development for Advo Co. andbegan looking for additional land," Blum notes. Opus wanted land inVan Buren, but a moratorium on new development was implemented. Thecompany finally received site plan approval in July.Blum says thecompany is talking to a few prospects right now for the facility."We hope to rent the space in the $5 to $5.25 per square footrange, triple net," he says. The company is also scouring theDetroit area for more developable land for more projects.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
