Stan Johnson Company closed the sale of a 186,443-square-foot industrial building at 18450 15 Mile Road in Fraser, Michigan.
The manufacturing facility is leased to AAM Metal Forming, a global tier-1 automotive supplier that designs and produces driveline and drivetrain components and modules, chassis systems and other formed products for the automotive industry.
ACW Fraser American LLC, a Tucson, Arizona-based institutional investor, was exclusively represented by Asher Wenig of Stan Johnson Company. Fraser Fifteen LLC, an institutional investor based in Clifton, New Jersey, acquired the asset for $7.6 million. The cap rate was not disclosed.
Located in a northern suburb of Detroit, the mission-critical facility is situated on 14.35 acres and was recently renovated in 2020. At the time of sale, there were about 15 years remaining on the primary lease term. The lease features an absolute triple net expense structure and provides 2.0 percent annual rent increases during the primary and option terms.
