| |
|
|
|
Bedrock
grows
industrial
portfolio
with
acquisition
of
former
Sakthi
industrial
campus
•
Detroit-based
company
to add
more
than
618,000
sq. ft.
and 10
acres of
developable
land to
its
growing
footprint
•
Industrial
acquisition
marks
real
estate
developer’s
largest
development
outside
of
Detroit’s
Central
Business
District
•
Acquisition
expected
to
strengthen
industrial
activity
within
the
city,
and add
hundreds
of local
jobs
DETROIT,
MI –
Bedrock
today
announced
that it
has
acquired
the
former
Sakthi
Industrial
Campus
located
along
West
Fort
Street,
just
west of
downtown
Detroit,
from
Friedman
Real
Estate.
The
acquisition
adds
more
than
618,000
sq. ft.
of
industrial
real
estate
and
10.39
acres of
developable
land to
Bedrock’s
expanding
downtown
footprint.
“Acquiring
this
property
provides
us with
a rare
opportunity
to
capitalize
on the
growing
demand
for
industrial
space in
Detroit,”
said Sam
Hamburger,
VP of
Acquisitions
and
Leasing
at
Bedrock.
“By
investing
capital
into
this
industrial
complex,
we
believe
that
Bedrock
will be
well
positioned
to
strengthen
the
surrounding
neighborhoods
by
delivering
a site
that
will
create
local
jobs and
serve as
a
catalyst
for
broad
economic
development
efforts
in the
City of
Detroit.”
The
nearly
37-acre
acquisition
includes
approximately
529,000
sq. ft.
of
industrial
and
manufacturing
space,
89,000
sq. ft.
of
office
and flex
space,
along
with
more
than 10
acres of
developable
land.
The
property
is
strategically
located
just
four
miles
west of
downtown
Detroit,
adjacent
and to
the
north of
the
Norfolk
Southern
Rail
Line,
near the
future
Gordie
Howe
International
Bridge
U.S.
Port of
Entry.
“Given
its
unique
location,
the
property
offers
us an
opportunity
to
provide
functional
warehouse,
distribution,
and
manufacturing
space
that is
both
close to
downtown
Detroit
and
attractive
to
regional
and
national
companies
that
serve an
international
clientele,”
Hamburger
continued.
The
acquisition
will
allow
Bedrock
to
quickly
and
effectively
bring
industrial
buildings
to
market
that are
equipped
to meet
the
evolving
demands
of
today’s
industrial
users,
while
reinvigorating
industrial
activity
in the
City of
Detroit
which
has
already
seen
tremendous
interest
from
major
retailers
and tech
firms
over the
last few
years.
“This
development
will
effectively
bridge
the gap
between
the
strong
demand
for, and
lack of
suitable
industrial
space in
the
city,”
said
Lawrence
McLaughlin,
Chief
Development
Officer
at
Bedrock.
“We are
excited
to work
with,
and
attract,
new
manufacturers
and
industrial
users to
the
city.”
The
Campus
currently
hosts
one
tenant,
MOBIS,
an
automotive
parts
supplier
for Fiat
Chrysler
Automotive
and
Hyundai.
The
deal was
facilitated
by Kevin
George,
Senior
Vice
President
of
Brokerage
Services
and
Jared
Friedman,
Director
of
Opportunities
at
Friedman
in
partnership
with
court
appointed
receiver
Kevin
English
of Lark
Advisors
and
counsel
for the
Receiver,
the
Dragich
Law
Firm.
“Having
the
privilege
of
working
with the
Bedrock
team to
facilitate
the sale
of this
portfolio
has been
a
rewarding
experience,”
said
Jared
Friedman,
Director
of
Opportunities
at
Friedman
Real
Estate.
“We’re
excited
to
complete
a deal
of this
size in
the
Detroit
market
and see
what the
future
holds
for the
area.”
Financial
figures
were not
disclosed.
|
| |
|
|
|
|
I
HI TECH NEWS
I
SPORTS
I
