X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the net lease market, click here.)

DETROIT-Wolinski & Co. has renewed a five-year, 3,000-sf lease for office space at 300 River Place, a class A, 502,000-sf office building owned by the Stroh Cos., based in Detroit.

According to Jeffrey Bell, senior vice president of Collier International’s Detroit office, the tenant had been at the location for thee years already and “this is simply an extension of that relationship,” he tells GlobeSt.com.

Bell represented the property’s landlord in the transaction, and Wolinski was self-represented. 300 River Place, which is the former headquarters of the Stroh Brewing Co., has an interesting past. When Stroh’s interests were sold to Milwaukee-based Miller Brewing Co. during early 2000, “more than 300,000 sf of space in the building was vacated,” Bell says.

But things are starting to pick up. In addition to the recent Wolinski renewal, “we’re looking at another pending 2,000 sf lease for a mortgage company and possibly a 2000 sf potential expansion for an existing tenant,” Bell says.

Quoted lease rates for the property range from $17.50 to $22.00 per sf, annually, depending on what part of the building is being leased. Bell notes that in conjunction with the Wolinsky deal, first-year quoted lease rate on the first floor of the structure is $22 per sf, plus electric.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.