Promanas Group Acquires 203,100-SF Industrial Facility
LIVONIA, MICH., Mar. 3, 2014 - Cushman & Wakefield announced today that it served as exclusive advisor to First Industrial Realty Trust in the sale of 32432 Capitol Street, a 203,100-square-foot industrial warehouse and distribution facility. The property was purchased by the Promanas Group, a commercial real estate investment and management company.
The seller was represented by Cushman & Wakefield Executive Director James Carpenter and Senior Director Michael Tenteris.
"Investors backed by private capital demonstrated a healthy amount of interest in this offering," Tenteris said."Local investors have been the dominant source of equity seeking industrial investments in the Detroit market. Confidence is gaining as the local economy becomes more diversified, and the automotive industry demonstrates consistent growth."
The property was 100 percent leased by Classic Container Corporation, a subsidiary of Pratt Industries, the fifth largest corrugated packing company in the United States. The location is one mile from Interstate 96 and less than four miles from the I-96/I-275 interchange.
Pratt Industries, founded in 1948, is the world's largest, privately-owned integrated paper, packaging and resource recovery company. The company operates recycled paper mills, recycling and display facilities, and sheet and box manufacturing plants across the globe. It recycles a range of materials that include paper, newspapers, magazines, catalogs, office paper, books, corrugated cardboard, pallets, plastic containers, aluminum cans and glass.
Classic Container operates a Converting Division at this location. The Converting Division takes sheets supplied from the Valparaiso, Indiana and Grand Rapids, Michigan corrugating plants and converts them into packaging for automotive and aerospace manufacturers located across Southeast Michigan.
Cushman & Wakefield is the world's largest privatelyheld commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 16,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.