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CLINTON TOWNSHIP, MI-Shannon Precision Fastener, a bolt manufacturer for the automotive industry, has signed a long-term lease for a 49,220-sf industrial building that will be used for manufacturing and distribution of its product.

Shannon, headquartered in Madison Heights, MI, will move in the coming weeks to 44465 Gratiot Ave. The building is about 20 miles from its headquarters.

Bob Pagano of Grubb & Ellis Co.’s Southfield, MI office says the company had been searching for the ideal space for awhile before it came across the Gratiot location. “The building was in outstanding shape. It was only five years old,” says Pagano, who represented Shannon and the building owner from Macomb County, MI. “The location was good for them, as it’s close to I-94, and it had a truck-loading dock.” Furthermore, the building’s condition means the tenant could take it as is, with no TIs or build-outs necessary, he adds.

The quoted rate was $5.45 per sf. Pagano tells GlobeSt.com that the final rate was “fair in terms of the lease.”

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