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Metro Detroit’s Robust Industrial Market Draws Spec Development in Romulus

Posted By: DBUSINESS on May 11, 2023.  For more information, please click here to read the source article.

Metro Detroit’s red hot industrial market is drawing new players and spec development as The Opus Group in Minneapolis today announced the start of construction on Airport Corporate Center, a two-building speculative industrial development in Romulus.

The two buildings at 33100 and 33200 Smith Road (just north of Detroit Metro Airport) will total more than 270,000 square feet of space and are being marketed for warehouse and distribution tenants between 40,000 and 270,000 square feet.

Situated less than a mile from the I-94 and Vining Road exit, the 22.7-acre site is at Smith and Vining roads. It is in close proximity to restaurants, hotels, gas stations, and other industrial projects.

“We are pleased to bring this modern industrial development to the city of Romulus,” says Mike Robinson, senior director of real estate development at Opus. “Airport Corporate Center will support economic vitality through employment and expansion of the local tax base. Building tenants will benefit from superior interstate access and logistical efficiencies, including modern clear heights and generous parking for employees and trailers.”

Building A is 100,456 square feet with 32-foot clear height, 12 dock doors, 91 auto parking stalls, and 13 trailer parking stalls. Building B is 170,088 square feet with 32-foot clear height, 22 dock doors, 115 auto parking stalls, and 28 trailer parking stalls.

Both buildings will be complete and ready for occupancy in October 2023.

Overall, during the first quarter, metro Detroit’s real estate market “exhibited a strong performance with a positive net absorption of 861,344 square feet,” notes Katie Rizzo, senior research analyst for Michigan at Colliers, a full-service real estate firm with offices in Royal Oak.

“Notably, the Airport/I-275 and Macomb submarkets have experienced the most robust leasing momentum. Construction activity is beginning to decelerate, and of the 8.5 million square feet of projects underway, 1.7 million square feet is speculative space.”

Opus is the developer, design-builder, and architect and structural engineer of record for Airport Corporate Center. Sean Cavanaugh and Dave MacDonald at JLL are marketing the space for lease. Construction financing is being provided by Associated Bank.

The Opus Group is a family of commercial real estate development, construction, and design companies headquartered in Minneapolis with offices and projects across the country.

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