Gladstone Inks Lease Extension at Detroit-Area Facility

2200 Revard Road. Image courtesy of CommercialEdge

Gladstone Commercial Corp. has signed a five-year lease extension with Yanfeng International Automotive Technology in Detroit’s submarket of Monroe, Mich. Yanfeng, a tenant since 2008, will continue to fully occupy a 220,500-square-foot, Class A industrial property until late 2028.

Built in 2003 on a 32-acre lot, the one-story, cross-dock building features 28- to 38-foot clear heights, HVAC heated systems and 221 parking spots, according to CommercialEdge information. Gladstone picked up the asset in 2015, in a $30.8 million portfolio transaction, the same data provider shows.

Located at 2200 Revard Road, the property is close to Interstate 75. The facility is 22 miles from Detroit Metropolitan Wayne County Airport and within 36 miles of downtown Detroit.

Detroit industrial market’s robust fundamentals

According to a recent CommercialEdge report, Detroit scored the highest rent growth in the Midwest, at 6.4 percent year-over-year as of April. However, the figure remained below the 7.3 percent national average. The metro also recorded one of the lowest vacancy rates among Midwestern markets, at 3.3 percent, followed by Twin Cities and Cincinnati, both at 4.2 percent. The market also remains among the most affordable in the region, with assets trading, on average, at $68.78 per square foot.

In April, Industrial Realty Group has signed a 113,742-square-foot long-term lease at Pontiac Centerpoint Campus West in Pontiac, Mich. Friedman Real Estate negotiated on behalf of the tenant, The Paslin Co.