IRG Inks 113 KSF Lease in Suburban Detroit

660 S. Blvd. E. Image courtesy of Friedman Real Estate.

Industrial Realty Group has landed a new tenant at Pontiac Centerpoint Campus West in Pontiac, Mich. The Paslin Co., a design and build organization serving the automotive industry, has signed a 113,742-square-foot long-term lease.

Senior Vice President Phil Konopitski with Friedman Real Estate represented the tenant in the transaction.

Industrial Realty Group acquired the 538,251-square-foot building in 2015 from RACER Trust for $2 million, CommercialEdge data shows. The property was subject to a CMBS loan of $18.4 million in 2019, provided by Willmington Trust and originated by Wells Fargo Bank, with a maturity date set for 2029.

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The Class B warehouse was completed in three phases between 1946 and 1986 and received a cosmetic upgrade in 2018. The one-story building sits on 12.2 acres and features 16-foot clear heights, HVAC climate control, loading doors, dock levelers and bumpers, exhaust fans and make-up air units, and offers 2,099 parking spaces. The tenant roster includes Posco Daewoo America, Penske Vehicle Services and Mahindra Automotive North America.

The property is located at 660 S. Blvd. E., 28 miles from downtown Detroit, providing easy access to Interstate 75. The Port of Detroit is roughly 30 miles Southeast of the property, and Detroit Metropolitan Wayne County Airport is within 36 miles. Companies in the surrounding area include UWM, Challenge Manufacturing, Woodworth and Ternes Packaging, among others.

Detroit registered a 5.9 percent rent increase on a 12-month basis as of March, lower than the national average of 7.1 percent, according to a recent CommercialEdge report. The market’s vacancy clocked in at 3.7 percent, slightly below the national average of 3.9 percent.