18M-SF Submarket Finally Sees a Deal

TROY, MI-The 15,736-sf lease with Modern Food Management Systems is likely the only industrial deal of its size during the past six months, says Grubb & Ellis Co. of Southfield brokers who represent both parties.

By Robert Carr | Updated on July 17, 2002

TROY, MI-Modern Food Management Systems, Inc. has taken 15,736 in a new facility located on Elliot Street here, relocating from Royal Oak. The company moves into the property owned by Joseph Grier this month.

Grubb & Ellis Co. of Southfield vice president Chuck Ginster and Mike Vaughn represented both parties in the deal, the first of its kind in the submarket in the last six months.

Warehouse/manufacturing vacancy remains relatively unchanged at 11.19% for the Detroit area industrial market, according to Colliers International. Vacancy in high-tech space has decreased nearly two points since year-end 2001 and now stands at 17.08%, Colliers reports.

Troy, which has 18 million sf of industrial space, has a 10% vacancy rate, Colliers says.

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