Newmark Knight Frank successfully advised Morning Calm Management on the $83.7 million acquisition of a nine-property industrial portfolio in the metro Detroit area. NKF Executive Managing Director Dan Labes and Senior Managing Director Tom Oldham oversaw the transaction. The portfolio was sold by Promanas Group.
Totaling approximately 1.5 million square feet, the portfolio comprises nine industrial assets located in the Detroit suburbs of Livonia, Auburn Hills, Redford, Saline, Lake Orion and Macomb Township.
“This portfolio was a unique option for Morning Calm Management, not only because of the total square footage across just nine buildings, but also because it met its investment criteria and allowed them to continue to build a significant industrial presence in the Metro Detroit market. We are excited to have assisted Morning Calm with this acquisition,” said Oldham.
Morning Calm Management has been growing its footprint in the Detroit MSA over the past 12 months, having closed on three transactions prior to the Promanas portfolio acquisition.
