CBRE represented both the tenant and ownership in a 136,500-square-foot industrial lease at 10725 Harrison Road in Romulus, Michigan.
Peter Rogers, first vice president with CBRE, represented the tenant, Crane Worldwide Logistics, and Randall Allman, first vice president CBRE, represented the owner, AEW Capital Management in the transaction.
Crane Worldwide Logistics is an international logistics firm with 120 locations in 30 countries. Previously, the firm was in a sublease at the property and opted to enter into a long-term, direct lease.
“This is an excellent location for the Crane’s Detroit-area operations and they decided to make a long-term commitment,” said CBRE’s Rogers. “With direct access to the airport and the surrounding Detroit area, Crane will be able to realize maximum efficiency for its distribution operations. Space is incredibly tight in Detroit right now and if good locations can be obtained, tenants are taking the opportunity.”
According to CBRE, the Detroit industrial market has been on a historic run, with lease rates at $6.65 per sq. ft. NNN at the end of the second quarter. The vacancy rate also remains very low, at only 2.4 percent.