SIGNATURE ASSOCIATES SELLS MULTI-TENANT INVESTMENT PORTFOLIO IN AIRPORT MARKET
TAYLOR, MI — September 29, 2022 — Signature Associates is pleased to announce the sale of the 451,894 square foot / 29 acre two-property portfolio located at 21000-21010 and 21100-21150 Trolley Industrial Drive in Taylor, Michigan. The multi-tenant industrial properties are fully leased by eight tenants in diversified industries. Steve Gordon, Luke Timmis and Griffin Pitcher of Signature Associates represented both the purchaser, Lightstone and the seller, IWH Capital.
The assets are situated directly along I-94 and benefit from easy access to the Detroit Metropolitan Airport, which is extremely attractive from a tenant perspective. Both properties have been institutionally maintained and recently received several million in capital expenditures. Collectively, the buildings maintain 92 exterior dock doors, 7 drive-in doors, and ample column spacing.
As investor interest in the Airport Market reaches an all-time high, the transaction represents Lightstone’s first acquisition of industrial product in Michigan.
Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 174 existing properties, Lightstone’s over $7.5 billion portfolio currently includes over 10.4 million square feet of industrial, logistics, life sciences, and commercial properties, over 22,700 residential units, and over 4,300 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami. For more information about Lightstone, visit: lightstonegroup.com.
About Signature Associates:
Signature Associates, with eight offices across the Midwest, is the region’s leading commercial real estate firm. Signature provides a diverse selection of services, including brokerage, tenant representation, investment sales, property/asset management, advisory services, consulting, and market research. Signature Associates consistently maintains 42% of the market share, completes thousands of transactions and over a billion dollars’ worth of business annually in local, national, and international transactions. For more information about Signature Associates, visit: signatureassociates.com.
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