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Promanas Group Acquires 203,100-SF Industrial Facility
Cushman & Wakefield advises sale for First Industrial Realty Trust
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.
Evelyn Weiss Francisco